New apartment community set to elevate living standards in Beaufort, SC
March 21, 2024
Portage Real Estate LLC, a development company based in Columbia, announced the groundbreaking of its latest project, Preserve at Hanover Park, a state-of-the-art apartment complex designed to offer the ultimate living experience for residents in Beaufort. This will be the company’s third multifamily development since 2021, and it will comprise $73.5 million of total capital investment. The development is located at 139 Robert Smalls Parkway in the City of Beaufort.
Preserve at Hanover Park will feature 280 meticulously designed units, ranging from spacious studios to expansive three-bedroom apartments. Each unit will boast high-end finishes, including granite countertops, stainless steel appliances, and in-unit washers and dryers. Residents will enjoy nine-foot ceilings and private balconies or patios, as well as a state-of-the-art fitness center, and a resort-style swimming pool, and pickleball courts. Additionally, the development will offer WiFi-enabled workspaces to cater to the needs of remote professionals.
In prepared remarks, John Cattano, the managing partner of the company stated: “We are committed to delivering an unparalleled living experience that meets the growing demand for rental housing in Beaufort. In one of the most challenging capital markets environments since 2009, it’s a testament to the quality and demand for the development that enabled our programmatic capital partners to continue the journey with us on this development. The acute shortage of rental housing continues to attract capital into this space.”
Summit Contracting is the general contractor for the project, and Group 4 Design is the project’s architect. RKW Residential will provide property management services for the community.
About Portage Real Estate, LLC
Portage Real Estate, LLC is a regional real estate development firm known for its innovative and thematic-focused projects. In 2023 the company delivered the Preserve at Ridgeville, a 240-unit, $42 million apartment community located in Ridgeville, South Carolina that principally serves the housing needs of Camp Hall and surrounding industries. Further, the company recently completed the Preserve at Flagler Beach, a 240-unit, $58 million apartment community located in Flagler Beach, Florida.
