1800 Ashley West, a 209‑unit garden apartment community in West Ashley, features a resort‑style pool and extensive resident amenities.
Charleston, SC, August 29, 2025
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.
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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.
The Housing Authority of the City of Charleston closed on the purchase of 1800 Ashley West, a 209‑unit garden apartment community at 1800 William Kennerty Dr., Charleston, South Carolina, for $39.75 million. The seller team of Urban Landings and Stonemark Capital was represented by Northmarq’s Charlotte Multifamily Investment Sales team led by Dane Lozier, Ron Corrao and Eric Liebich.
The acquisition places a sizable workforce housing asset into public ownership in the heart of West Ashley, roughly seven miles from downtown Charleston with easy access to local shopping, dining, entertainment and nearby Interstate 526. The move reflects growing alignment between private investors and government agencies on adding and preserving rental housing in high‑demand markets.
The transaction closed at $39.75 million. Northmarq’s Charlotte Multifamily Investment Sales team led the sale process and represented Urban Landings and Stonemark Capital. Northmarq describes itself as a full‑service capital markets resource that combines experts in debt, equity, investment sales, loan servicing and fund management to create tailored solutions for commercial real estate clients. The firm reports a loan servicing portfolio in excess of $78 billion and a three‑year transaction volume of $69.5 billion. More information is available at www.northmarq.com.
1800 Ashley West was built in 1980 and functions as a garden apartment community offering one‑ and two‑bedroom homes across 209 units. The asset offers a mix of classic floor plans and three tiers of renovated units that include elevated finishes and spacious layouts. Unit options feature granite countertops and stainless steel appliances, with some homes showing wood plank floors and bedrooms finished with carpeting where applicable. All units include modern conveniences such as digital thermostats, ceiling fans, walk‑in closets, washer/dryer connections and high‑speed internet access.
Onsite amenities are geared toward lifestyle and family needs and include a resort‑style pool and sun deck, an outdoor fitness area, pickleball courts, a fire pit with hammocks, playground, clubhouse, dog park and an on‑site laundry facility.
Market participants involved in the transaction highlighted strong investor interest in West Ashley assets and noted that the Housing Authority’s objective to continue serving community housing needs was a primary factor motivating the acquisition. Observers see the sale as part of a broader trend in which public and private parties work together to add stability and improved stock to tight rental markets.
Separately, a Charlotte transaction closed where the Seminole Tribe of Florida Sovereign Wealth Fund acquired Alexan Mill District, a 290‑unit community at 1001 N. Brevard St., for $82 million. That asset, built in 2024, features studio, one‑ and two‑bedroom units with private balconies and dual‑entry porches, plus an array of lifestyle amenities including a community clubhouse, indoor/outdoor speakeasy supper club, rooftop lounge, saltwater pool with sun ledge and outdoor fireplace, HDTV streaming lounge, tech lounge, media studio, work‑from‑home café, courtyard and a 24/7 fitness center. Northmarq’s Charlotte team representing that sale included Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson.
Industry professionals can dive deeper into multifamily trends at Connect Apartments on September 11, an event exploring affordability, innovation, market dynamics and investment opportunities. Event details are available at www.connectapts2025.com.
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Charlotte, NC; Greenville, SC; Gastonia, NC (United States)
Mike covers regional markets including Texas and the Phoenix/Southwest region. He has a background in radio, television and corporate communications and brings local reporting experience to commercial real estate coverage. He lives with his family and several dogs.
The property sold was 1800 Ashley West, a 209‑unit garden apartment community located at 1800 William Kennerty Dr., Charleston, SC, and it sold for $39.75 million.
The buyer was the Housing Authority of the City of Charleston.
The sellers were Urban Landings and Stonemark Capital. They were represented by Northmarq’s Charlotte Multifamily Investment Sales team led by Dane Lozier, Ron Corrao and Eric Liebich.
The property offers one‑ and two‑bedroom units in classic and renovated tiers with elevated finishes, granite countertops, stainless steel appliances, digital thermostats, walk‑in closets and washer/dryer connections. Community amenities include a resort‑style pool, pickleball courts, outdoor fitness area, clubhouse, dog park, playground, fire pit with hammocks and on‑site laundry.
The acquisition adds to public ownership of rental housing in West Ashley and supports efforts to preserve and improve workforce housing stock in a tight rental market with strong investor interest.
| Feature | Detail |
|---|---|
| Property | 1800 Ashley West |
| Address | 1800 William Kennerty Dr., Charleston, SC |
| Units | 209 (one‑ and two‑bedroom) |
| Sale price | $39.75 million |
| Buyer | Housing Authority of the City of Charleston |
| Sellers | Urban Landings; Stonemark Capital |
| Year built | 1980 |
| Unit features | Granite counters, stainless steel appliances, digital thermostats, walk‑in closets, washer/dryer connections, high‑speed internet |
| Amenities | Resort pool, sun deck, pickleball courts, outdoor fitness, clubhouse, dog park, playground, fire pit with hammocks, on‑site laundry |
| Access | Near Interstate 526; ~7 miles to downtown Charleston |
| Representative firm | Northmarq Charlotte Multifamily Investment Sales team |
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