CHARLESTON, S.C. - July 17, 2024 - PRLog -- Material Capital Partners ("MCP"), a real estate development and investment management firm based in Charleston, SC, announced it has closed $30 million in project financing and started construction on Indigo Cove, an 82 townhome rental community in Bluffton, South Carolina.
Indigo Cove is located on 24 acres near the intersection of Buck Island Road and Bluffton Parkway, 2 miles from Old Town Bluffton. The new development will consist of 82 3-bedroom upscale townhomes designed to complement the distinguished coastal town of Bluffton. Residents will enjoy high-end finishes including quartz countertops, stainless steel appliances, built-in home offices nooks, upgraded hard surface flooring and walk-in showers in the primary bedroom suites. The community will also feature a host of amenities including a premium bark park, wooded nature trails, pocket parks and a clubhouse with co-working space and fitness center.
Nestled along South Carolina's Low Country coastline just minutes from Hilton Head Island, SC and Savannah, GA, Bluffton offers a unique blend of history, natural beauty, and modern amenities. With its rich cultural heritage, charming downtown, and picturesque surroundings, Bluffton is an exceptional place to live. For more than a decade, the demand for housing in Bluffton has far outpaced the available supply and Indigo Cove will provide a high-quality housing option in this thriving coastal community.
Build-for-rent communities offer the amenities and comforts of a single-family home lifestyle with the conveniences and flexibility associated with rental home living and professional property management. MCP build-for-rent communities attract renters-by-choice, including young adults, families with children, military families and empty-nesters, who choose to rent based on privacy, flexibility, work proximity and value premium amenities in a professionally managed community.
Indigo Cove will be property managed by Greystar with pre-leasing scheduled to begin in spring 2025. If you are interested in learning more about the community or for additional information regarding pre-leasing, please visit the project website www.indigocove.mcpcommunity.com.
"Bluffton offers residents a high quality of life, great schools, and a laid-back coastal lifestyle all just minutes from Hilton Head and Savannah," said Alex Chalmers, founder and managing partner of Material Capital Partners. "Indigo Cove will provide an upscale community where residents will enjoy premium amenities and great proximity to Old Town Bluffton."
Project financing was provided by Bluerock, Stanton Road Capital and MCP's institutional construction lender.
"SRC is very positive on the build-for-rent residential trends in the Southeast and we look forward to Material Capital Partners delivering a best-in-class community in Bluffton," said Tim Ronan, founder and managing partner of Stanton Road Capital.
Construction will be handled by MCP's dedicated builder partner Winchester Commercial Group.
About Material Capital Partners
Material Capital Partners LLC ("MCP") is a vertically integrated real estate development and investment management firm based in Charleston, SC, focused on purpose-built single-family rental home communities throughout the Southeast.
Our communities of single-family rental homes combine the welcoming feel of a desirable neighborhood with the flexibility and ease of maintenance-free living, premium amenities and professional property management. For more information, visit www.materialcapitalpartners.com.
About Bluerock
Bluerock is a leading institutional alternative asset manager based in New York with regional offices across the U.S. Bluerock principals have a collective 100+ years of investing experience with more than $120 billion real estate and capital markets experience and manage multiple well-recognized real estate private and public company platforms. Today, Bluerock has more than $18 billion in acquired and managed assets and offers a complementary suite of public and private investment programs, with both short and long-term goals, to individual investors seeking solutions aimed at providing predictable income, capital growth, and tax benefits.
About Stanton Road Capital
Stanton Road Capital, LLC ("SRC") is a private investment management firm focused on direct commercial real estate investments and select private equity strategies. Founded in 2013, the principals of SRC have acquired over $7.0 billion of commercial and residential real estate. SRC currently owns and operates a national commercial and residential property portfolio in excess of 6 million square feet and 2,500 residential units and is actively investing on behalf of its institutional, family office, and private capital partners. SRC targets opportunistic, value-add, and core-plus commercial properties in addition to ground-up residential developments in Texas, Salt Lake City, select major Midwest markets and across the Southeast.
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Source: Material Capital Partners LLC
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Material Capital Partners Closes Financing and Breaks Ground on 82 Townhome Build-For-Rent Community in Bluffton, South Carolina
July 17, 2024 at 14:33 PM EDT
