CHARLESTON, SC-CNL Macquarie Global Growth Trust entered into a joint venture with Woodfield Investments to build a 258-unit, class A multifamily residential development on 32 acres in Mount Pleasant, SC. CNL cites strong demand for multifamily housing in Mount Pleasant.
As of March 2011, according to Real Data, there were no units under development there. The joint venture purchased raw land for $3.4 million, and the two companies will work together to develop and lease high-quality units. Construction on the project is scheduled to begin in the third quarter this year.
"We are bullish on early cycle multifamily development,” Paul Ellis, CIO of Macquarie Global Growth, tells GlobeSt.com. “One of the few asset classes where there are positive supply and demand characteristics."
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