Newmark has arranged both the sale and acquisition financing for Waverly Place, a 276-unit multifamily community in North Charleston, South Carolina. The property, located at 1900 Waverly Place Lane, traded from a joint venture between KETTLER and The Stillman Group to the Charleston Workforce Housing Fund, an impact-focused vehicle. The fund is led by Ascent Housing in partnership with Housing Collaborative, with the stated goal of keeping the rental homes affordable.
On the investment sales side, Newmark professionals Alex Okulski, Gordon Huey, Dean Smith and Sean Wood represented the seller in the disposition. Their mandate covered marketing the asset and executing the transaction with the workforce housing-focused buyer. No pricing or yield details were disclosed for the trade.
In a separate but related mandate, Newmark also secured acquisition financing on behalf of the Charleston Workforce Housing Fund. Josh Davis, Chris Caison, Patrick Breed, Michael Manfro, CJ Webb, Patrick Szyperski and Andrew Kraus arranged the debt through Freddie Mac. Specific loan terms such as proceeds, rate and maturity were not released, but the financing supports the buyer’s plan to maintain affordability at the community.
Waverly Place is a garden-style apartment and townhome property located in North Charleston’s Archdale neighborhood. The community offers a mix of one-, two- and three-bedroom floor plans. While unit sizes and interior specifications were not detailed, the property is positioned as a rental option aimed at residents seeking more attainable housing.
Amenities at Waverly Place include a clubhouse and fitness center that provide on-site gathering and wellness space for residents. Outdoor offerings feature a resort-style swimming pool, grilling areas, and a playground, along with tennis and racquetball courts that expand the range of recreational options. These features support the property’s appeal within the Archdale neighborhood and the broader North Charleston area.
The combination of a dedicated workforce housing buyer, agency-backed acquisition financing and a focus on long-term affordability underscores investor interest in stabilized rental assets that can serve residents at more accessible price points. With the closing of this transaction, the Charleston Workforce Housing Fund adds another garden-style community to its portfolio, while KETTLER and The Stillman Group exit their investment in Waverly Place.
