Northland Acquires 511 Meeting in Charleston, South Carolina
Pre-eminent national owner, operator, and developer grows its local portfolio with a residential community in the heart of the Charleston peninsula
CHARLESTON, SC (September 8, 2022) – Northland, a national real estate private equity firm with $8 billion of assets under management, announced today the acquisition of 511 Meeting in Charleston, South Carolina. The vibrant residential building represents Northland’s third investment in the Charleston area.
511 Meeting is comprised of 221 studio, one-, and two-bedroom apartments, 33 of which are rent restricted. The podium-style mid-rise building puts residents’ needs first with a robust suite of luxury amenities, including a fully equipped fitness center with a separate yoga studio, a bike storage and repair area, and a second-story pool deck with a fire pit and grill stations. The modern luxury building also features a spacious resident lounge perfect for entertaining, with a billiards table, foosball table, and bar space, as well as 2,960 square feet of dedicated retail space occupied by Blum, a local favorite coffee and wine bar.
“Since our entrance into the Charleston market in 2019 with The Standard on James Island and Wharf 7 on Daniel Island, we’ve been actively seeking additional opportunities for expansion onto the Peninsula,” said Bruno Setteducati, Director of Investments at Northland. “Located in the vibrant North Meeting Street neighborhood, 511 Meeting offers residents close proximity to all that Charleston’s Midtown has to offer. The property’s thoughtful mixed-use integration into the historic streetscape and prime location are some of the many factors that make it a differentiator in this market, and great fit for Northland’s portfolio.”
Ideally situated on the Charleston peninsula in the dynamic North Meeting and Upper King neighborhoods, 511 Meeting places residents just one block away from King Street, renowned for its storied history, and distinctive blend of fashion, art, retail and dining experiences. Nearby development of the Lowcountry Lowline is expected to begin in late 2022, which will increase connectivity by way of bike lines and new pedestrian paths, as well as add open space in public parks, playgrounds, and accommodations for outdoor retail and dining, further activating the community.
Since 2019, Northland has invested over $200 million in Charleston to assemble a portfolio of 813 class A apartment homes. Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. These acquisitions add to Northland’s portfolio of long-term markets across 14 states spanning New England, the Midwest, and Southwestern and Southeastern regions.