Monday Properties, a dynamic real estate investment firm and industry-leading developer, today announced the sale of The Mason, a Class A, 264-unit multifamily community in North Charleston, South Carolina.
Alex Okulski of Newmark represented the buyer, American Landmark. Monday Properties represented itself as the seller, with Vice President of Development Frank Craighill and Executive Vice President of Investments Adam Carr leading the sale.
“The successful transaction of The Mason is a result of our strategy to expand our multifamily portfolio and developments in the Southeast, specifically the Charleston market, due to the high market demand and investor interest,” said Frank Craighill, Vice President of Development at Monday Properties. “Charleston’s unprecedented growth and economic diversification—despite the pandemic—offers us an opportunity to continue to seek future development in Charleston and similar growing Southeast markets.”
Monday Properties broke ground on The Mason in January 2019 and delivered the first of the project’s 14 multifamily buildings for residents in 2020. Even throughout the pandemic, The Mason has continued to be an attractive option for Charleston residents, maintaining an average leasing rate of 16 units per month. At sale, the project was 96.6% occupied and 98.1% leased.
The property includes studio, one, two, and three-bedroom floorplan options and feature various luxury amenities, including a spacious clubhouse with a coffee bar and media room, a resort-style swimming pool and outdoor cabanas, outdoor terraces with fireplaces, and a 24/7 state-of-the-art fitness center. The outstanding proximity to Charleston’s premier employment corridors allows residents easy access to amenity-rich commercial areas and diverse employers such as the Medical University of South Carolina, Trident Health Systems, The Boeing Company, Volvo Car USA LLC, the College of Charleston, and Mercedes-Benz Vans, LLC, with 35,000 new jobs projected over the next five years.
The Mason is located at 1110 Mason Pond Place in Ladson, South Carolina. For more information, please visit https://thehudsonsc.com/.
About Monday Properties: Monday Properties is a vertically integrated real estate investment firm that owns, operates, develops and invests in a dynamic portfolio of mixed-use properties. Since 2002, the firm has completed over 70 property transactions representing 30 million square feet and $14 billion in capital value. Monday Properties uses its comprehensive strategy based on high-growth markets and opportunistic investments to deliver unique commercial and residential investment offerings that transform communities and focus on connectivity. The company’s current portfolio totals more than 4.5 million square feet of commercial office space, as well as 2,200multi-family units that are either developed, planned or under construction. For more information on Monday Properties, please visit www.mondayre.com.