Atlas Real Estate Partners and FIDES Development Acquire Multifamily Development Site in Charleston
Atlas Real Estate Partners, a multifamily-focused private investment and development firm with offices in New York and Miami, completed the site acquisition for The Darby multifamily development in Charleston, South Carolina. The firm is partnering with FIDES Development on the project.
The transaction closed on Jan. 10, following an intensive two-year contract period in which full entitlements and site plan approval were obtained for the project. Financial details were not disclosed.
The Darby is a 331-unit Class A mid-rise multifamily Opportunity Zone development project located at 1590 Meeting Street Road in Charleston’s up-and-coming North-of-Morrison (“NoMo”) creative corridor. The project will consist of a mix of studios, one-bedrooms and two-bedrooms with two large southern-facing courtyards providing excellent year-round sun, an oversized pool and amenity deck, pickleball court, dog park, and ~9,000 square-feet of indoor amenity space – including a best-in-class co-working facility.
“We feel The Darby is the perfect fit for our existing Opportunity Zone development platform,” said Alex Foster, co-founder of Atlas Real Estate Partners. “Not only Charleston is one of the top places in the United States to live, work and retire, NoMo has all the hallmarks of our previous developments in Nashville’s WeHo neighborhood and we expect to see the same exponential growth.”
The Darby is Atlas’ third ground-up development deal in partnership with the FIDES Development team. FIDES Development is an Atlanta-based real estate development firm with more than $5 billion in combined real estate development and investment experience. The firm has an active development pipeline with more than 1,800 units across the Southeast in various stages of development.
“With apartment demand on the Charleston peninsula continuing to outpace other markets across the Southeast, and supply limited, a highly visible location such as this has strong tailwinds that don’t show signs of stopping,” said Heath Hans of FIDES Development. “We’re excited to partner with the group of professionals at Atlas Real Estate Partners”.
NoMo is a rapidly transforming neighborhood that’s emerged as the hub of tech and trendy/hip retail and restaurants. The area has become a social hub with a variety of dining, retail, and entertainment options with sleek new housing developments, drawing a younger demographic attracted to newer, modern spaces and strong accessibility.
Atlas has a proven track record and fully integrated development team.
Since its formation in 2009, Atlas has closed over 50 acquisitions and development projects with a total capitalization of ~$1.5 billion spread over 10,000-plus residential units and ~1.5 million square feet of commercial real estate. To date, the firm has closed three single-asset multifamily Opportunity Zone Funds totaling over $250 million in capitalization.
In addition to its extensive real estate investment and development portfolio, in late 2022 Atlas announced the launch of its fourth Opportunity Zone fund, a diversified multi-asset vehicle targeting four-to-six multifamily sites in the Southeast. The fund will capitalize on an active pipeline of multifamily development projects located in high growth cities throughout the Southeast and other select markets.
Atlas Real Estate Partners, which was founded in 2009, is a multifamily-focused private investment and development firm. The firm, which has executed more than 50 deals with combined value of $1.5 billion, has offices in New York City and Miami. For more information visit www.atlasrep.com or www.atlasrepOZ.com
FIDES Development, which was founded in 2020 by industry veterans, is a multifamily focused development company. For more information visit www.fidesdevelopment.com