The developers of the Beacon at Ashley River Landing single-family rentals made a bet that residential renters in the area would want an alternative to an apartment building. It paid off when about 95% of the 120 units in the first phase were leased before construction was completed.
The nine different house designs at 4272 Hollow Wind Way in Summerville, South Carolina, are spread out to resemble a suburban residential neighborhood. That layout was specifically designed to appeal to tenants who want lawns separating them from neighbors rather than shared walls.
The project was selected by a panel of judges made up of commercial real estate professionals as the 2024 CoStar Impact Awards winner for the multifamily development of the year for Charleston/N. Charleston.
The design featured green space and outdoor exercise areas. An important selling point for the new owners has been the privacy of having green space separating the units.
The first section was leased in less than 11 months, and the owners have decided to open a second phase to begin preleasing this year.
Large employers nearby include a military base, as well as the stores and restaurants it supports, and a large medical center.
About the Project: Units range from 1,200 to more than 2,600 square feet. The property has ponds, a pool, a dog park, a playground, as well as front and back lawn maintenance.
They Made It Happen: Starlight Homes of Alpharetta, Georgia, was the builder. The partners in the ongoing development are Beacon Residential and Westdale Asset Management.