Monday Properties, a dynamic real estate investment firm and industry-leading developer, today announced the sale of The Hudson, a Class A, 11 building multifamily community in Cane Bay—one of the only walkable communities in North Charleston, South Carolina. PassiveInvesting.com, a private equity real estate firm focused on acquiring cash flowing multifamily properties in the Southeast U.S, acquired The Hudson from Monday Properties for $79.5 million.
“The successful delivery and subsequent sale of The Hudson is a direct result of the strength of the southeast market, specifically the exceptional economic growth of the Charleston area,” said Frank Craighill, Vice President of Development at Monday Properties. “Monday Properties’ sale of two large multifamily developments, The Hudson and The Mason, in a five-month time period speaks to our team’s ability to identify high growth markets and deliver well-built, Class A multifamily properties with a modern, strategic design.”
Monday Properties broke ground on The Hudson in October 2019 and successfully delivered the first buildings in April 2021 with 10% of the project pre-leased and 21 units occupied. The Hudson has experienced an amazing pace of demand since its delivery and is now over 58% leased with 160 units occupied at sale.
Monday Properties designed The Hudson with a focus on wellness, flexibility, and luxury outdoor amenities, which are appealing assets to the increasing number of residents shifting to hybrid work models. The Hudson offers spacious studio, one-, two-, and three-bedroom apartments with private balconies and patios, open-concept floor plans, stainless steel appliances, and nine-foot ceilings. Residents enjoy a range of premium amenities including a modern clubhouse and business center, a state-of-the-art fitness studio, and a saltwater, zero-entry pool with sun shelf. The Hudson is the only multifamily project located in the heart of the walkable Cane Bay community where residents are uniquely able to enjoy the close proximity to the new Publix-anchored retail center across the street.
“Monday Properties is in high growth mode, and this transaction only builds on our aggressive multifamily strategy. The sale of The Hudson paves way for new deals to come under contract in the Charleston area and allows us to focus on building more Class A housing,” said Adam Carr, Executive Vice President of Investments. “Developments like The Hudson and The Mason are the bread and butter of our multifamily platform in the southeast, and with such an excellent response from the community to The Hudson, we are excited to continue our expansion in the market by investing in similar efforts.”
The Hudson is located at 900 Owl Wood Lane in Summerville, 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 their 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 5 million square feet of commercial office space, as well as 2,700+ multi-family units that are either developed, planned or under construction. For more information on Monday Properties, please visit www.mondayre.com.
AboutPassiveInvesting.com: PassiveInvesting.com is a private equity real estate investment firm focused on cash flowing multifamily properties in the Southeast U.S. The firm’s portfolio has a current value of more than $742 million with a total of 4,233 units.