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Fortune 500 home builder NVR entering Charleston market

NVR Inc., parent company of Ryan Homes, builds houses throughout the eastern U.S. Provided/NVR

Charleston’s booming housing market has attracted another player.

NVR Inc., the Fortune 500 parent company of Ryan Homes, NV Homes and Heartland Homes, recently rented a 2,600-square-foot site at 501 Wando Park Blvd. in Long Point Center, according to Jeremy Willits of commercial real estate firm Avison Young. The two-year lease starts March 1.

NVR’s website says it builds homes in 29 metropolitan areas in 14 states, including South Carolina. It currently builds under the Ryan Homes brand in Columbia, Greenville, Rock Hill and Spartanburg. Its other brands are built in other states.

The Reston, Va.-based company, with $5.7 billion in revenue in 2016, is separate from Dan Ryan Builders, which was founded in Maryland and has an office in North Charleston. NVR operates a mortgage division as well.

The company did not respond to a request for comment last week.

Also homing in on Charleston’s property boom, a California-based firm has joined the real estate sales lineup in the region.

Realty One Group recently opened a branch at 1510 Trolley Road in Summerville. Previously with another firm, Diana Johnson is the local franchise owner.

“Our simple fee structure enables professionals to achieve greater success, faster,” Johnson said. “We call it ‘the UN-brokerage.’”

The new firm will offer a grand opening 2-6 p.m. Wednesday.

The 48-unit Hidden Oaks Apartments in North Charleston are now called Arbor Square after changing hands recently. Provided
Changing hands

A joint venture of three Long Island-based real estate investment groups has acquired two apartment complexes in the Charleston region for $6.2 million.

JAE Property Group, Freedom Income Properties and Performance Income Properties purchased the 48-unit Hidden Oaks Apartments in North Charleston and the 48-unit Cedar Key Apartments in Summerville.

Hidden Oaks on Otranto Road will become Arbor Square Apartments and see upgrades to the leasing office, laundry facility and building exteriors and interiors, according to a statement from the joint venture. The complex is 96 percent occupied.

The fully leased Cedar Key, built in 2003 on Pidgeon Bay Road, will maintain its name and remain an income-restricted affordable community.

The acquisition group said it was attracted to the region because of the growing job market, expanding population and large corporations such as Boeing Co. and Volvo Cars that are investing in facilities.

“We are value buyers and both of these deals exemplify our core belief,” Josh Eitingon of JAE said in a statement. “These investments are located in strong growth markets and offer the long-term need for quality housing in the B-Class and C-Class multifamily space.”

The previous owners were MRS Management and Cedar Key Residential.

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