Fire Tower

Charleston, SC

The Fire Tower Portfolio consists of 7,410 SF of retail and restaurants and 31 short-term residential rental units. The property is well-positioned in the heart of Charleston’s high-growth, vibrant Upper King Street area featuring Charleston’s best restaurants, night life and shopping, and is situated within the overlap of Charleston’s Short-term Rental Overlay Zone and the Accommodation Overlay Zone.

The cost basis and stabilized yield are attractive relative to other retail, multifamily, and hotel developments in downtown Charleston. Appian is co-sponsoring the development and asset management and was key in recapitalizing the project, while its partner leads the design, construction, and upfit of the residential expansion. The short-term rentals are managed and operated by Vacasa, a vacation rental management company with over 30,000 homes across North America.

FUND
Appian Investments Fund III

STATUS
Currently Owned

SIZE
31 Residential Units / 7,410 Retail SF

YEAR ACQUIRED
2021