Charleston Multifamily MarketView Update OCTOBER 2014
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1 Charleston Multifamily MarketView Update OCTOBER 2014 Carolinas Multifamily OCCUPANCY 94.7% ABSORPTION 1,853 UNITS MARKET RENT $959 UNDER CONSTRUCTION 3,140 ECONOMIC GROWTH CONTRIBUTES TO CHARLESTON DEVELOPMENT Quick Stats SEPTEMBER Months Months Occupancy 94.7% - The Carolina s Multifamily team is pleased to bring you a multifamily update for the Charleston market. The update contains an overview of occupancy trends, dip from April 2014, the 3,971 units proposed have increased over the last six months. has continued to be a priority in the market, growing exponentially Absorption 1,853 rental rates, the new development pipeline and commentary on the overall over the last two years. Market Rent $959 marketplace. Demand Construction 3,140 Occupancy Demand has rebounded in the Charleston market, as there have been 1,853 units ECONOMIC ANNOUNCEMENTS iqor US Inc., a company that provides customer support and outsourcing, plans to expand its N. Charleston facility, hiring 320 new employees. Scout Boats will be expanding its Dorchester County facility and creating 300 new jobs. Overall occupancy for the Charleston market has increased to 94.7% from it s 91.7% rate in February Rents Rental rates in the Charleston market have increased, bringing the average monthly rental rate to $959. Healthy demand for apartments is expected to continue. Even absorbed over the past six months alone. Although there is heightened supply, demand is anticipated to keep pace with rising supply levels going into Market Trends The Charleston apartment market has seen significant growth over the past two years and continues to be one of the more robust Sportsman Boats Manufacturing has plans to add 150 new jobs and expand its Summerville facility Pacific Rim Aerospace will open an office in downtown Charleston, creating 100 jobs. with new supply coming online, rental rates are expected to increase over the next year. One bedroom units rent for $901 per month, two-bedroom units rent for $961 per month and three-bedroom units rent for $1,094 per month. markets in the Southeast. Demand remains healthy, as evidenced by absorption over the past year, and the developers remain confidently optimistic about the continued growth of the economy. Companies such as Scout Boats, iqor and Boeing continue to invest in the area with expansions and growing employee numbers, which are Charleston is in the midst of a major catalysts to the economic growth of this 1 development cycle, as there are currently 7,111 units either under construction or market over the next several years. proposed for the area. Although the 3,140 units under construction represent a slight.
2 October 2014 Charleston Multifamily MarketView Update Figure #1: DEVELOPMENT PIPELINE Property Name Owner/Developer Submarket Address Units UNDER CONSTRUCTION Bridgeside at Patriorts Point Parks Haven at Central Daniel Corporation and Frontdoor Communities MeadWestvaco and Beach Company Johnson Patriots Point Road at Coleman Boulevard 324 Goose Creek Nexton community 320 Hungryneck Boulevard near Midtown Avenue 35 Folly Folly Road Boulevard at Albemarle Flournoy West Ashley Road 298 Springs at Essex Glenn McConnell Parkway near Essex Continental Properties West Ashley Farms Drive 284 Standard Woodfield Investments James Island Maybank Highway at Fleming Road 280 Simmons Park Ansley Commos Riviera at Seaside Farms Spectrum Properties River Landing Drive near Pine View Street Hathaway Construction Summerville Shipley Road near I Beach Company Long Grove Drive near Magnolia Woods Drive Nomo Campusworks PROPOSED Horizon Sweetwater Faison Daniel Island Woodfield Daniel Island Gateway Services Kassinger Central Morrison Drive at Ravenel Bridge 151 Central Spring Street and Fishburne Street 800 Clements Ferry Road 324 Faison River Landing Drive near I Woodfield Investments Island Park Drive near I Broadstone Old Military Road at Grimball Road Alliance Residential James Island 294 Extension Cooper River Farms Woodfield Investments Clements Ferry Road and I Maybank Highway Site Crowne James Island Zelasko Drive 281 Grove at Carolina Park SWH Residential Highway 17 North 280 Shade Tree Maybank Highway near Cane Slash EYC Companies James Island 248 Road Factory at Garco Beach Company Central Columbus Street at Meeting Street The above list is a sampling of development activity and does not include all properties under construction or proposed.
3 October 2014 Charleston Multifamily MarketView Update Figure #2: RECENT SALES Property Name Buyer/Seller Sale Date Sale Price Price/Unit Year Built # of Units Element at Carolina Bay Carolina Bay Drive and Cornsilk Drive Campus Center Apartments King Street Planters Trace 2222 Ashley River Road Spanish Oaks 1515 Ashley River Road Ashley Apartments 7501 Peppercorn Lane N. Ashley Village 3311 Mountainbrook Avenue N. Jamison Park 2245 Crossroads Drive Collins Park 5773 Dewsbury Lane N. Spring Hill Apartments 100 Swift Boulevard Goose Creek, SC 400 Meeting Street 400 Meeting Street The Boulevard 753 Coleman Boulevard, SC Buyer: City of Charleston Seller: Childress Klein Properties Buyer: Harrison Street Real Estate Capital JV Sterling University Housing Seller: McAlister Buyer: Graycliff Cpital Seller: Hudson Capital Buyer: Graycliff Capital Seller: JMG Realty Inc. Buyer: URS Capital Seller: Lynd Residential Buyer: URS Capital Seller: Lynd Residential Buyer: The InterTech Seller: Pendergraph Buyer: 104 Parliament Drive LLC Seller: Collins Park Holdings LLC Buyer: N/A Seller: VW Vapital Asset Buyer: CMB Property Seller: Davis Property Buyer: Heitman Seller: Beach Company Aug-2014 N/A N/A N/A 276 Aug-2014 $69,000,000 N/A 2013 N/A Jul-2014 $5,900,000 $61, Jun-2014 $7,500,000 $65, June-2014 $1,900,000 $36, June-2014 $7,600,000 $35, Apr-2014 $14,780,000 $68, Apr-2014 $5,100,000 $48, Mar-2014 $3,400,000 $17, Feb-2014 $18,450,000 $450, Jan-2014 $66,500,000 $204, King St King Street Buyer: Jenel Corp Seller: King Street Properties, LLC Jan-2014 $2,900,000 $265, Source: Real Capital Analytics October
4 Figure #3: Occupancy Rates Figure #4: Rental Rates Overall Charleston occupancy rate increased to 94.7%. Occupancy rates have maintained above the 90% threshold for over two years. The James Island and North Charleston submarkets have the highest occupancy rates at 96.8% and 95.8% respectively. The Central Charleston submarket had the lowest occupancy rate at 91.9%. One Average rental rates have been on the upswing since February Same-store rents increased substantially by $57.00 over the past six months bringing the average monthly rental rate to $959. Current subset rents are outlined as follows: One Two Two Three Three Avg. Class A 91.9% 92.1% 90.8% 91.9% Class B 95.4% 95.9% 95.1% 95.7% Class C 96.5% 95.3% 94.9% 95.5% Avg. 94.5% 95.0% 94.0% 94.7% Avg. October 2014 Charleston Multifamily MarketView Update Class A $1,145 $1,311 $1,515 $1,270 Class B $834 $948 $1,070 $926 Class C $674 $746 $846 $746 Avg. $901 $961 $1,094 $959. Figure #5: Supply (Under Construction) Developers are continuing to be bullish on the Charleston market as apartment complex growth has exploded over the last two years. Although supply of units under construction took a slight dip from February 2014, there are still approximately 3,140 units under construction and an additional 3,971 units planned. The growing submarket of Mount Pleasant continues to be the leader in construction activity, as 1,120 units are currently under construction, while 1,617 units have been proposed. 4 4
5 MULTIFAMILY INVESTMENT SALES DEBT & EQUITY Geopolitical tensions and Euro area weakness continue to influence the global capital market risk appetite. Conflict in Ukraine and Syria seems to have taken a back seat this week in the headlines to a series of economic data that, while by no means reflective of any major shift in current trends, sent both the equity and bond markets on a bit of a wild ride. Following a steep decline in equities, the stock market rallied the most since December 2013 on the minutes of the FOMC meeting that confirmed yet again rates will stay low for an extended period of time, largely pointing to factors outside the U.S. As the stock market rallied, so did bonds. The 10 year UST hit its lowest yield this week since June Minutes from the FOMC September meeting showed lower growth expectations not only in the U.S., but also abroad. Looking at the global landscape, the Federal Reserve referenced weak European growth, concerns over Japan and China s growth, and a strengthening dollar as headwinds to domestic growth which by themselves, are likely to keep inflation low regardless of Fed policy. While domestically the unemployment rate has now dropped below the Fed s targeted 6% rate, the recent 5.9% number has many skeptics pointing to participation rates, and perhaps more indicative of the health of the U.S. economy, flat wage growth. With inflation/ growth expectations around 2%, a 2.30% UST doesn t seem all that crazy, particularly considering German Bunds are yielding about 1% while France s debt yields about 1.25%. With all these forces at work and the uncertainty that comes with it, we expect the fixed income market to remain a bit choppy day to day. Mortgage spreads have widened along with swaps over the past week, however, all in rates are flat/down. We have made a point of noting that while spreads have increased off their lows of June/July, it is important to keep all-in borrowing costs in mind and to not lose sight of what is a great borrowing environment. Ten year Agency mortgage rates are down 100 bps since the start of the year, and lenders remain very hungry for business. Both Fannie Mae and Freddie Mac are hitting on all cylinders right now and offering very attractive financing solutions, whether it flexibility with regards to prepayment on a one-off deal or a complex portfolio requiring a single-borrower securitization or credit facility. Interest Rates Treasury Yields October 2014 Charleston Multifamily MarketView Update CONTACTS Hal Kern Investment Sales, Multifamily t: e: Hal.kern@cbre-triad.com Richard Montana Investment Sales, Multifamily t: e: Richard.montana@cbre-triad.com Christy Smith Client Services Specialist t: e: Christy.smith@cbre-triad.com 5 Disclaimer Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the Global Chief Economist. 5
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