Madison Capital Group, a vertically integrated real estate development and investment firm, announced that it has successfully closed Madison Bees Ferry Road Pref, LLC, a $16 million preferred equity raise. The fund will support a build-for-rent townhome community project located on Bees Ferry Road in Charleston, S.C.
According to Madison Capital, the community will feature 169 luxury rental townhomes and will be located directly adjacent to the highly desirable West Ashley residential area. BenCo Construction will build the project.
Madison Capital also said that the development promises a suite of upscale amenities, including unit finishes with quartz countertops, a clubhouse and fitness center, an outdoor lounge, and a resort-style pool complete with a pool deck, grilling stations, and a fire pit.
“This investment represents an exceptional opportunity for our investors to engage with a high-demand, high-barriers-to-entry market,” said Ryan Hanks, chief executive officer of Madison Capital Group. “Our team’s extensive experience and local expertise uniquely position us to capitalize on the continued growth in this dynamic region.”
The company stated that Charleston is experiencing an influx of residents. With an average of 38 new residents moving to the area each day, the metro area is projected to create 35,000 new jobs over the next five years. Additionally, with 7.8 million visitors annually, Charleston is a popular tourist town with a significant economic impact of more than $8 billion.
The successful close of the LLC is just the latest in what has been a busy year for Madison Capital Group and its affiliates. As previously reported by The DI Wire, the company recently secured a $47 million construction loan for a multifamily development in Florida. Earlier this year, Madison Capital Group made several personnel changes, appointing a new chief investment officer and managing director while its affiliate, Madison Capital Markets, recently added a new executive vice president to lead Southeastern sales and another executive vice president to expand the company’s presence throughout the South Central United States.
Madison Capital Group, a vertically integrated real estate development and investment firm headquartered in Charlotte, N.C., specializes in real estate investments with a focus on the self-storage and multifamily sectors. The company is the parent entity of Go Store It Self-Storage, a non-traded direct investment sponsor emphasizing self-storage, and Madison Communities, a vertically integrated real estate development and investment firm dedicated to crafting high-quality, suburban, garden-style apartment communities throughout the Southeast.
For more Madison Capital Group news, visit their directory page.
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