Material Capital Partners (“MCP”), a real estate development and investment management firm based in Charleston, announced it has closed $30 million in project financing and started construction on Indigo Cove, an 82 townhome rental community in Bluffton, South Carolina.
Indigo Cove is located on 24 acres near the intersection of Buck Island Road and Bluffton Parkway, 2 miles from Old Town Bluffton. Residents will enjoy high-end finishes including quartz countertops, stainless steel appliances, built-in home offices nooks, upgraded hard surface flooring and walk-in showers in the primary bedroom suites. The community will also feature a host of amenities including a premium bark park, wooded nature trails, pocket parks and a clubhouse with co-working space and fitness center.
Nestled along South Carolina’s Low Country coastline just minutes from Hilton Head Island, SC and Savannah, Georgia, Bluffton offers a unique blend of history, natural beauty, and modern amenities. With its rich cultural heritage, charming downtown, and picturesque surroundings, Bluffton is an exceptional place to live. For more than a decade, the demand for housing in Bluffton has far outpaced the available supply and Indigo Cove will provide a high-quality housing option in this thriving coastal community.
Build-for-rent communities offer the amenities and comforts of a single-family home lifestyle with the conveniences and flexibility associated with rental home living and professional property management. MCP build-for-rent communities attract renters-by-choice, including young adults, families with children, military families and empty-nesters, who choose to rent based on privacy, flexibility, work proximity and value premium amenities in a professionally managed community.
Indigo Cove will be property managed by Greystar with pre-leasing scheduled to begin in spring 2025. Construction will be handled by MCP’s dedicated builder partner Winchester Commercial Group.
“Bluffton offers residents a high quality of life, great schools, and a laid-back coastal lifestyle all just minutes from Hilton Head and Savannah,” said Alex Chalmers, founder and managing partner of Material Capital Partners. “Indigo Cove will provide an upscale community where residents will enjoy premium amenities and great proximity to Old Town Bluffton.”
Project financing was provided by Bluerock, Stanton Road Capital and MCP’s institutional construction lender.
“SRC is very positive on the build-for-rent residential trends in the Southeast and we look forward to Material Capital Partners delivering a best-in-class community in Bluffton,” said Tim Ronan, founder and managing partner of Stanton Road Capital.
