Charleston, SC, August 29, 2025
News Summary
The Housing Authority of the City of Charleston closed on 1800 Ashley West, a 209‑unit garden apartment community in West Ashley, for $39.75 million. The sellers were Urban Landings and Stonemark Capital, represented by Northmarq’s Charlotte Multifamily Investment Sales team. Built in 1980 and offering a mix of classic and renovated one‑ and two‑bedroom units, the community includes upgraded finishes and standard conveniences. Amenities include a resort‑style pool, outdoor fitness area and pickleball courts, plus a clubhouse, dog park and playground. The public‑sector acquisition underscores demand for multifamily assets to expand workforce and community housing options.
Housing Authority of the City of Charleston buys 209‑unit 1800 Ashley West for $39.75M
Transaction closed at $39.75 million; buyer to operate garden‑style community in West Ashley
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Despite challenges like rising costs and inventory concerns, regional and community banks are still drawn to a specific CRE asset class for construction loans. While the competition from private lenders remains fierce, bankers say opportunities for collaboration are also a factor at play.
What happened: The Housing Authority of the City of Charleston has acquired 1800 Ashley West, a 209‑unit garden apartment community at 1800 William Kennerty Dr., Charleston, South Carolina, in a sale that closed for $39.75 million. The property was sold by Urban Landings and Stonemark Capital, with representation handled by Northmarq’s Charlotte Multifamily Investment Sales team.
Who represented the sellers: Northmarq’s Charlotte team led by Dane Lozier, Ron Corrao and Eric Liebich completed the sale on behalf of the sellers. The brokers noted strong investor interest in the West Ashley asset and said the Housing Authority pursued the acquisition to continue serving community housing needs.
Property basics and condition
1800 Ashley West is a garden‑style apartment community built in 1980. The complex offers a total of 209 units across one‑ and two‑bedroom floor plans. Units come in a mix of classic configurations and three tiers of renovated options, with elevated finishes in upgraded units.
Interior features include granite countertops and stainless steel appliances in select units, possible wood plank floors, carpeting in bedrooms where applicable, digital thermostats, ceiling fans, walk‑in closets, washer/dryer connections, and high‑speed internet access.
Amenities and neighborhood
The community offers a range of on‑site amenities focused on resident lifestyle and recreation. Highlights include a resort‑style pool, sun deck, pickleball courts, an outdoor fitness area, a fire pit with hammocks, a playground, a clubhouse, a dog park, and an on‑site laundry facility.
Location: The property sits in the heart of West Ashley with easy access to local shopping, dining and entertainment, nearby access to Interstate 526, and is roughly seven miles from downtown Charleston.
Market context and other recent sales
The sale comes as investors and public entities remain active in the multifamily sector across the region. Another recent transaction involving the same brokerage team saw Trammell Crow sell Alexan Mill District, a 290‑unit apartment community at 1001 N. Brevard St., Charlotte, to the Seminole Tribe of Florida Sovereign Wealth Fund for $82 million. That Charlotte asset, built in 2024, features studio, one‑ and two‑bedroom units with private balconies and a long list of amenity spaces.
Industry capital markets firm information: Northmarq describes itself as a full‑service capital markets resource for commercial real estate investors. The firm highlights collaboration across debt, equity, investment sales, loan servicing, and fund management. Northmarq reports a loan servicing portfolio in excess of $78 billion and a three‑year transaction volume of $69.5 billion. For more information, visit www.northmarq.com.
Why it matters
The acquisition places an established multifamily community under public housing authority ownership, which may expand options for workforce and community housing in the Charleston metro area. The purchase price and competitive interest from investors reflect continued demand for stabilized rental properties in strong suburban locations with good access to city centers and highways.
Event and resources
An industry event, Connect Apartments, scheduled for September 11, will address affordability, innovation, market dynamics and investment opportunities shaping today’s multifamily landscape. More information is available at www.connectapts2025.com.
Tags
Charlotte, NC; Greenville, SC; Gastonia, NC (United States)
Author
By Mike
Mike covers the Texas and Phoenix/Southwest regions. He is a veteran news reporter with 10 years in radio and television news and another 10 years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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FAQ
What property was sold and for how much?
The property at 1800 William Kennerty Dr., known as 1800 Ashley West, sold for $39.75 million.
Who bought the property?
The buyer was the Housing Authority of the City of Charleston.
How many units and what types are at 1800 Ashley West?
The community contains 209 units with one‑ and two‑bedroom homes, offered in classic and three tiers of renovated options.
What amenities does the community offer?
Amenities include a resort‑style pool, sun deck, pickleball courts, outdoor fitness area, fire pit with hammocks, playground, clubhouse, dog park and an on‑site laundry facility.
Who represented the sellers?
Northmarq’s Charlotte Multifamily Investment Sales team represented sellers Urban Landings and Stonemark Capital.
How close is the property to downtown Charleston?
The community is roughly seven miles from downtown Charleston with nearby access to Interstate 526.
Key Features at a Glance
| Feature | Details |
|---|---|
| Property | 1800 Ashley West (1800 William Kennerty Dr., Charleston, SC) |
| Sale price | $39.75 million |
| Buyer | Housing Authority of the City of Charleston |
| Sellers | Urban Landings; Stonemark Capital |
| Broker | Northmarq Charlotte Multifamily Investment Sales team (Dane Lozier, Ron Corrao, Eric Liebich) |
| Units | 209 units; one- and two-bedroom homes; classic and renovated tiers |
| Year built | 1980 |
| Interior features | Granite counters, stainless appliances, wood plank floors (select), walk-in closets, digital thermostats, washer/dryer connections |
| Amenities | Pool, sun deck, pickleball courts, outdoor fitness, fire pit with hammocks, playground, clubhouse, dog park, on-site laundry |
| Location | Heart of West Ashley; ~7 miles to downtown Charleston; near I-526 |
| Related recent sale | Alexan Mill District (290 units) sold for $82M in Charlotte |
Deeper Dive: News & Info About This Topic
Additional Resources
- Northmarq: 1800 Ashley West sale
- Wikipedia: West Ashley, Charleston
- ConnectCRE: Tribal wealth fund pays $82M for Charlotte apartment community
- Google Search: Alexan Mill District Charlotte
- MultiHousingNews: Mesirow Financial pays $84M for Charlotte community
- Google Scholar: Mesirow Financial Charlotte multifamily sale
- BusinessWire: Ginkgo Residential acquisition in Charleston MSA
- Encyclopedia Britannica: Charleston, South Carolina
- Axios: Apartment rents, construction and supply/demand in Charlotte
- Google News: Charlotte apartment rents 2025
