Exciting Developments in Beaufort’s Rental Market
Beaufort residents, get ready for some exciting news! The rental market in our beloved city is about to see some significant changes with five new apartment complexes either under construction or on the way. These developments are set to add more than 1,600 new apartment units to the area, catering not only to the general population but also targeting lower-income residents. This is particularly great considering that rents in Beaufort have been on the rise!
Preserve at Hanover Park: A Promising Beginning
First up is the highly anticipated Preserve at Hanover Park, located at 139 Robert Smalls Parkway. Construction for this ambitious $73 million project is scheduled to kick off next week and will take about 18 months to complete. The development will feature a whopping 280 units, accompanied by a variety of amenities such as pickleball courts and several three- to four-story buildings, some of which will even include elevators. There are also plans for a commercial component, though details are still in the works.
John Cattano from Portage Real Estate, the company behind this project, shared his thoughts: “We think it’s an under-served market…or it has been for housing in general.” In a city where the average rent is currently around $1,900 a month, this speaks volumes about the opportunity for new housing options.
Rising Rents, Rising Solutions
According to Zumper, a leading rental marketplace, the median cost for a one-bedroom apartment in Beaufort has reached $1,688, marking a 1% increase from last year. With accommodation options becoming increasingly costly, these new apartment developments couldn’t come at a better time.
Pintail Pointe: Access for All
Next on the list is the Pintail Pointe Apartments at 2233 Boundary St. Developed by Connelly Builders Inc., this 84-unit rental community is being constructed directly next to the Holiday Inn and SpringHill Suites. A market study commissioned by Connelly suggested the rent for these units might range from $290 to $1,197 depending on household income. Even though that study is a bit dated (conducted in 2021), it offers a glimpse into affordable living options coming soon. Construction is progressing well, with plans to open by this fall.
Catering to Older Residents
For those aged over 55, another exciting project is underway nearby. Carrington Manor at 2247 Boundary St. is set to become a 64-unit senior living facility. The developers have already begun site work, aiming to create a space that is both comfortable and affordable.
Garden Oaks: Nearing Completion
Have you noticed all the action at Garden Oaks Apartments on 2000 Salem Road? This multifamily rental complex will consist of 288 units and is nearing completion. However, the developers are awaiting a certificate of occupancy from the city before they can officially welcome new tenants.
Pointe Grand: More to Come
Lastly, the Pointe Grand Apartments have been approved for construction at 135 Burton Hill Road. While site work has commenced, actual building hasn’t started yet. This project will encompass 336 residential units spread over 21 acres, with plans for additional commercial businesses too.
Conclusion
With these five new apartment complexes in the works, Beaufort’s rental landscape is set to change significantly. More options mean more opportunities for residents to find a place that suits their needs and budgets. Whether you’re in the market for a new home, looking for something affordable, or hoping to settle in closer to community amenities, there’s plenty to look forward to!
