CBRE Negotiates Sale of 221-Unit Multifamily Community in Charleston’s North Meeting District

CBRE has arranged the sale of 511 Meeting, a 221-unit luxury apartment community in Downtown Charleston’s emerging North Meeting Street corridor to Northland, a national real estate private equity firm.

Jim Sewell, Dave Lansbury, Paul Berry, and Erika Maston of CBRE represented the undisclosed seller in the transaction.

Located at 511 Meeting Street, the seven-story building was completed in 2019, and offers studio, one-, and two-bedroom units averaging 751 square feet. Units feature quartz countertops, stainless steel appliances, wood-style flooring, nine-foot ceilings, in-unit washer and dryers, ceiling fans, walk-in closets, and private patios and balconies. Community amenities include a clubhouse, a fitness and business center, conference rooms and a co-working space, a coffee bar, a yoga studio, a swimming pool with a sundeck, a grilling area, a pet spa and more. In addition, there is a coffee shop on the ground floor of the property.

“511 Meeting was the culmination of a successful project that clearly illustrates the steadfast nature of the core, multifamily investment market, and the importance of delivering a best-in-class product to match an A+ location,” said CBRE’s Dave Lansbury. “Despite a volatile capital markets environment through Q2 and Q3 of this year, 511 Meeting represented the perfect marriage of a top-tier developer/ownership group with a high caliber institutional buyer allowing them to secure a critical, cornerstone position in Charleston’s rapid-growth peninsula submarket.”

The community is centrally located just two blocks from Upper King Street’s retail corridor, and is within one mile of over 100 restaurants, bars, retail, fitness and entertainment destinations. It sits adjacent to Lowcountry Lowline, Charleston’s future linear park inspired by the Atlanta Beltline, and within minutes from the College of Charleston and employment hubs like Morrison Yard, Charleston Tech Center, and the Morris.

Charleston has experienced a 23 percent population growth since 2010, and has the highest concentration of young professionals among all mid-size metros (500k-1M population), according to CBRE Research. Despite the burgeoning demand for Class-A multifamily in downtown Charleston, there are currently less than 1,700 units delivering south of the Ravenel Bridge over the next five years.