A premium multifamily investment opposite MUSC.
25%
Investor IRR
2.0
Equity Multiple
9%
Preferred Return
216 Spring Street
Charleston Peninsula · Medical District
A rare downtown opportunity, de-risked at every stage.
Pads 216 enters the final stage of capitalization with land acquired, debt closed, GMP executed, and and majority of equity raised. Incoming investors join after the heaviest pre-development risk is already behind the project.
Irreplaceable site
Prime peninsula address with true walk-to-work access, directly across from MUSC Charleston’s largest employer at 17,000+ jobs.
Under Construction
Three-year entitlement complete. All city approvals, design, GMP contract, and senior + mezzanine debt closed.
Structural scarcity
South of the Crosstown, buildable sites are exhausted. Charleston’s multi-year approval process keeps new supply thin past 2026.
Anchored demand
Year-round hospital workforce, medical residents, and graduate students fill furnished, ready-to-move studios immediately.
134
Furnished Studios
3 yr
Investment Term
25%
Investor IRR
2.0
Equity Multiple
9%
Preferred Return
$41.5M
Total Capitalization
A constrained peninsula with structural demand.
2×
Population growth vs. U.S. average
Charleston MSA
17,000+
MUSC employees across the street
Largest employer
27,200
Medical district jobs in immediate area
MUSC · Roper · VA · Trident
4.8%
Class A peninsula rent growth in 2024
Source: RealPage, Avison Young
- Eight-minute walk to downtown King Street retail and dining
- MUSC, Roper St. Francis, and the VA within walking distance
- College of Charleston and CofC graduate housing in walkshed
- Limited new pipeline post-2026 supports rent and occupancy
Class A peninsula studio rents
Designed for the resident the market is missing.
- Custom European cabinetry
- Quartz countertops & integrated appliances
- Wide-plank engineered hardwood
- Built-in decor LED lighting
- In-unit washer & dryer
- Custom closet systems
- Rooftop pool & lounge deck
- Expansive ground-floor dog run
- State-of-the-art fitness center
- Co-working & resident lounge
- Smart-home integration in every unit
- Secure parking & bike storage
216 Spring St
Charleston, SC 29403
134
Furnished studios
407 SF
Average unit
81,096 SF
Gross building area
Underwritten conservatively. Structured for the investor.
9% preferred return compounded monthly, with downside-protected sensitivity across exit cap and rent assumptions. Targeted hold of three years from construction start to disposition.
25%
Investor IRR (target)
Project IRR 33.2%
2.0
Investor Equity Multiple
Project EM 2.36×
9%
Preferred Return
Compounded monthly
Engineered with conservative assumptions.
Construction risk
Guaranteed Maximum Price contract executed with general contractor. Hard cost contingency and locked pricing eliminate budget exposure on the build.
Capital markets risk
Senior and mezzanine debt closed at attractive terms. Exit underwritten at a conservative cap rate well above current trades on comparable peninsula assets.
Lease-up risk
Furnished, turnkey studios across from a 17,000-employee hospital system. Underwriting uses an 8% vacancy and bad debt factor conservative for the submarket.
Flood & insurance
Site elevated above base flood elevation with engineered flood barriers, redundant pumps, and full National Flood Insurance Program plus excess flood coverage.
Entitlement risk
Eliminated. All three years of City of Charleston approvals are complete; permit issuance is imminent following final site inspection.
Sponsor alignment
Sponsor equity invested alongside LPs. Promote earned only after investors receive their preferred return and full capital back.
Common questions from accredited investors.
This offering is available to accredited investors only, as defined by SEC Rule 501 of Regulation D. Generally, this includes individuals with a net worth exceeding $1 million (excluding primary residence) or annual income over $200,000 ($300,000 with spouse) in each of the prior two years. Entities such as family offices, trusts, and institutional investors may also qualify. We verify accreditation prior to accepting any subscription.
Investors receive a 9% annual preferred return, compounded monthly, before any profits are distributed to the sponsor. This means your capital earns priority in the waterfall. Once the preferred return and return of capital are satisfied, additional profits split according to the equity waterfall tiers.
Key risks include construction delays, cost overruns, interest rate fluctuations, changes in Charleston rental demand, and broader economic downturns. While the project is fully entitled and carries a fixed GMP, no investment is without risk. Past performance is not indicative of future results. Please review the full Private Placement Memorandum for a complete risk discussion.
Yes. Accredited investors who complete the contact form will be invited to a private briefing call with the sponsor team. Site visits can be arranged upon request and are encouraged for out-of-market investors who wish to see the location firsthand.
The minimum investment is $100,000. This threshold ensures alignment among investors and streamlines administration. Larger allocations are welcomed and may receive preferential positioning in the capital stack.
The targeted hold period is three years from construction start to disposition. This timeline assumes on-schedule delivery, lease-up within projections, and a favorable exit cap environment. Actual timing may vary based on market conditions and operational performance.
Distributions are projected to begin after stabilization and are typically paid quarterly. Initial distributions prioritize the 9% preferred return. A full return of capital and final profit splits are expected at exit via refinancing or sale.
Investors typically receive a K-1 reflecting their share of income, gains, losses, and deductions. Structures and outcomes vary by individual circumstance. We strongly recommend consulting your CPA, attorney, or wealth advisor before subscribing.
Review the full deck. Schedule a call. with the sponsor.
Accredited investors only
Confidential offering
Reg D 506(c)
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Spring Pads Manager, LLC
Crown Global Investments
Orange Properties · CGI Capital