Investment Opportunity · Charleston, SC
Venture at
Stono Vista
164 Units · Class A Multifamily · West Ashley Submarket
Stono Vista is a 164-unit ground-up development in West Ashley —
one of Charleston's most supply-constrained infill submarkets — acquired at a
$1.66M land basis advantage in a market where new starts are throttled by
wetlands, watershed regulations, and a politically fraught entitlement process.
Total Project Cost
$42.9M
Key Terms
Total project cost$42.93M
Source of funds — Debt$28.90M (67.3%)
Source of funds — Equity$14.03M (32.7%)
Cash equity partners90.0% · $12.63M
Developer partner — Millstone10.0% · $1.40M
Preferred return9.0%
Construction & Debt
Construction lenderFirst Internet Bank
Loan-to-cost67.3%
DSCR (at 7% stressed rate)1.24x
General contractorMillstone (in-house)
GMP contract$30.34M
Developer fee$1.65M (4.0%)
Section 02
The Thesis
Three reasons this deal works
01 · LAND BASIS
Acquired $1.66M below market
Land secured at $19,512/door versus a typical Charleston basis of ~$30,000/door. That's a $10,147/unit spread built into the cost stack before construction begins, structurally improving every downstream return metric.
02 · SUPPLY CONSTRAINT
New starts throttled by geography and process
West Ashley is hemmed in by the Church Creek Drainage Basin (2.5–3x stormwater infrastructure cost on competing parcels), aggressive tree canopy and wetland rules, and a public rezoning process that routinely takes 2+ years. Stono Vista sits just outside the basin.
03 · VERTICAL INTEGRATION
Millstone builds what Millstone develops
Our in-house GC division holds the $30.34M GMP contract. No middleman markup, no GC misalignment, and a track record of delivering on schedule and on budget across the Midwest and Southeast.
The barrier-to-entry math
West Ashley currently has 1 project pre-leasing (69 units) and 2 projects under construction (319 units).
Beyond that pipeline, the combination of watershed regulations, rezoning friction, and elevated land costs has effectively halted new
multifamily starts in the submarket. By 2029 stabilization, Stono Vista is positioned to absorb demand against minimal new competitive supply.
Section 03
The Property
164 units · 6.50 acres · 25.2 DU/acre
A purpose-built Class A garden-style community designed for the West Ashley professional renter. Three- and four-story
elevations across multiple residential buildings, a dedicated clubhouse, surface and garage parking, and an amenity
program tuned to the Lowcountry climate.
Net Rentable Area
167,297 SF
Parking Spaces
252 (1.58/unit)
Year Built
2028 (Delivery)
Address
West Ashley, Charleston, SC
Unit Mix
A mix weighted toward 1- and 2-bedroom units to match Charleston's white-collar renter base.
| Unit Type | Layout | # Units | % of Mix | Avg SF | Total NRSF |
|---|
| 1-Bedroom |
| 1A | 1×1×0 | 64 | 39.0% | 729 | 46,656 |
| 1C — Den | 1×1×0 | 6 | 3.7% | 881 | 5,286 |
| 1-Bedroom Total | 70 | 42.7% | 742 | 51,942 |
| 2-Bedroom |
| 2A | 2×2×0 | 63 | 38.4% | 1,084 | 68,292 |
| 2D | 2×2×0 | 8 | 4.9% | 1,230 | 9,840 |
| 2E | 2×2×0 | 7 | 4.3% | 1,280 | 8,960 |
| 2-Bedroom Total | 78 | 47.6% | 1,117 | 87,092 |
| 3-Bedroom |
| 3A | 3×2×0 | 16 | 9.8% | 1,441 | 23,056 |
| 3-Bedroom Total | 16 | 9.8% | 1,441 | 23,056 |
| TOTAL | 164 | 100.0% | 988 | 162,090 |
Section 04
Inside the Clubhouse
Resort-style amenities designed for the West Ashley professional
The clubhouse is the social heart of the community — a double-height great room with
bar and kitchen, dedicated game room, work-from-home space, and a 1,800 SF resort-style
pool deck with cabanas and an artificial-turf activity lawn.
Arched Bar & Coffee Service
Resident lounge with built-in bar, wine fridge, and shelving
Great Room Lounge
Double-height ceiling, sculptural lighting, glass-walled meeting rooms
Demonstration Kitchen
Full kitchen with island seating for resident events
Media & Conversation Room
Mounted TV, lounge seating, integrated banquette
Game Room
Pendant-lit gaming and gathering space adjacent to lounge
Strength & Conditioning
Full free-weight room with squat racks, benches, and dumbbells
Spin & Cardio Studio
Mirrored studio for cardio and group fitness
Package & Mail Center
Secure parcel room with full-wall resident mailbox bank
Section 05
Site Plan
Pool, clubhouse, courtyards, and dog park · Mihaly Land Design
The site organizes around a central pool deck and clubhouse spine, with Building A flanking
the pond to the north, Building B's residents' courtyard to the east, and a dedicated
~1,700 SF dog park overlooking the existing stormwater feature.
Pool & Clubhouse — Preliminary Layout
Building B Courtyard
Decorative paver field with low seat wall and brick columns
Community Entry
Brick entry columns with community signage and preserved existing trees
Dog Park
~1,700 SF fenced run with brick screen wall matching architecture
Pond Frontage
Building A overlooks the on-site pond — direct waterfront views from 1st-floor units
Section 06
Charleston & West Ashley
12 straight years voted Best City in the U.S.
Charleston has evolved into one of the Southeast's most diversified and fastest-growing metropolitan areas.
Boeing, Joint Base Charleston, MUSC, Volvo, Mercedes-Benz Vans, Bosch, and the Port of Charleston anchor
an employment base that insulates the rental market from sector-specific volatility.
1-Mile Demographics
$132,784
Avg HH Income
(2026)
$148,956
Projected HH Income
(2030, +12.2%)
$515,769
Avg Home Value
(2026)
60.6%
College / Graduate
Degree
81.5%
White Collar
Employment
101,845
5-Mile Population
(2026)
+3.3%
Projected Pop Growth
(through 2030)
+12.4%
Home Value Growth
(through 2030)
Key Employers Within Drive Time
A diversified mix of aerospace, healthcare, defense, manufacturing, and logistics — not a one-industry market.
Boeing — 787 Dreamliner Campus
8,000+ employees
Joint Base Charleston
~25,000 personnel
Medical University of South Carolina
17,000+ employees
Roper St. Francis Healthcare
Major hospital system
Trident Health System
Multi-campus healthcare
Volvo Cars / Mercedes-Benz Vans / Bosch
Advanced manufacturing
Port of Charleston
Top-growth U.S. container port
Charleston International Airport
Regional logistics hub
Vikor Scientific
148 employees
Boeing 787 Dreamliner
$250M+ jets produced in and flying over Charleston
Joint Base Charleston
C-17 Globemaster exercise — one of the largest military installations in the Southeast
The Angel Oak
400+ year old live oak — the Lowcountry's most iconic natural landmark
Barriers to New Supply
2.5–3x
Stormwater Cost Multiplier
Projects within the Church Creek Drainage Basin require 2.5–3x the volume of underground detention and infiltration vs. sites outside it. Charleston's high water table further restricts placement, making competing parcels significantly less feasible.
2+ yrs
Rezoning Timeline
Most remaining West Ashley parcels aren't zoned for high-density multifamily. Rezoning requires Planning Commission review, City Council approval, and public hearings — typically 2+ years before design approvals even begin.
388
Total Units in Pipeline
Across the entire West Ashley submarket: 1 project pre-leasing (69 units) and 2 projects under construction (319 units). Beyond that, the pipeline is effectively empty.
DRB / TRC
Discretionary Approvals
Charleston's Design Review Board and Technical Review Committee scrutinize architecture, massing, landscaping, drainage, and traffic. Multiple rounds of revisions are standard, extending timelines and increasing entitlement risk for new entrants.
Section 07
Financials
Base case projections · See PPM for full underwriting
Preferred Return
9.0%
on cash investment
Stabilized NOI
$2.87M
$17,484 / unit
Yield on Cost
6.68%
NOI / total project cost
Value Spread
1.78x
stabilized value / cost
Capital Stack
| Source | Amount | % of Cost |
|---|
| Construction Loan — First Internet Bank | $28,900,000 | 67.3% |
| Cash Equity Partners (90%) | $12,631,305 | 29.4% |
| Developer Partner — Millstone (10%) | $1,403,478 | 3.3% |
| Total Capitalization | $42,934,783 | 100.0% |
Development Cost
| Category | Total | Per Unit |
|---|
| Land | $3,200,000 | $19,512 |
| Soft Costs | $6,844,783 | $41,736 |
| Developer Fee | $1,650,000 | $10,061 |
| Hard Costs (GMP + Contingency) | $31,240,000 | $190,488 |
| Total Project Cost | $42,934,783 | $261,797 |
Stabilized Pro Forma
| Line Item | Annual | Per Unit | Per NRSF | Notes |
|---|
| Income |
| Market Rent | $4,267,800 | $26,023 | $26.33 | 12 months at stabilization |
| Vacancy (5.00%) | ($213,390) | ($1,301) | ($1.32) | Market |
| Loss to Lease (1.50%) | ($64,017) | ($390) | ($0.39) | Market |
| Concessions (0.50%) | ($21,339) | ($130) | ($0.13) | Market |
| Base Rental Revenue | $3,969,054 | $24,202 | $24.49 | |
| Other Income (parking, fees, etc.) | $400,279 | $2,441 | $2.47 | |
| Effective Gross Income | $4,369,333 | $26,642 | $26.96 | |
| Expenses |
| Total Operating Expenses (34.4% of EGI) | ($1,501,935) | ($9,158) | ($9.27) | Includes RE taxes @ 12.8% |
| Net Operating Income | $2,867,398 | $17,484 | $17.69 | |
Sale Assumptions
| Sale Year (post-stabilization) | Year 3 |
| Exit NOI | $2,867,398 |
| Exit Cap Rate | 4.90% |
| Sale Value | $58,518,316 |
| Less 0.5% Sale Cost | ($292,592) |
| Net Sale Value | $58,225,725 |
| Bank Loan Payoff | ($28,900,000) |
| Proceeds from Sale | $29,325,725 |
Construction Loan
| Lender | First Internet Bank |
| Loan Amount | $28,900,000 |
| Loan-to-Cost | 67.3% |
| Stressed Rate (UW) | 7.00% |
| P&I Payment (Annual) | $2,307,269 |
| NOI | $2,867,398 |
| DSCR at Stabilization | 1.24x |
Partnership Waterfall
How cash flow and sale proceeds are distributed. Same priorities apply to both ongoing cash flow during operations and sale proceeds at exit.
Priority 1
9% Preferred Return
LPs receive a 9% preferred return on cash invested before any distributions to the GP. Pref accrues until paid in full.
Priority 2
Return of Equity
After the pref is paid, LP equity is returned in full before the GP participates in upside.
Priority 3
Equity Split per Hurdles
Remaining proceeds split between LP and GP per the waterfall hurdles. Specific split tiers detailed in the PPM.
LP Equity Contribution
$12.63M
90% of total equity raise
GP Co-Invest (Millstone)
$1.40M
10% — true alignment of interest
Net Proceeds at Sale
$29.33M
After debt payoff (Year 3 post-stabilization, 4.90% exit cap)
The Friends & Family Advantage
Pari-passu economics with the institutional partner — same hurdles, same multiple, same IRR. The check size is the only thing that changes.
Friends & Family equity sits alongside the main JV partner under one set of waterfall mechanics. The JV partner is writing an $11.9M check for a 1.87x equity multiple and a 23.1% net IRR. F&F investors receive the exact same return profile on a check as small as $25,000. No separate class, no junior position, no haircut for size.
JV Equity Partner
Capital Contribution$11,929,566
Total Distributions$22,288,829
Net Profit$10,359,263
Equity Multiple / IRR1.87x · 23.1%
Millstone Friends & Family
Capital Contribution$2,105,217
Total Distributions$3,933,323
Net Profit$1,828,105
Equity Multiple / IRR1.87x · 23.1%
Model Your Return
Enter a hypothetical investment amount between $25,000 and $1,000,000.
Total Distributed
$186,838
Capital returned + profit
Net Profit
$86,838
Above original investment
Equity Multiple
1.87x
Same as JV partner
Net IRR
23.1%
Same as JV partner
Illustrative only. Returns calculated using base-case projections (Year 3 sale post-stabilization, 4.90% exit cap rate). Actual results will vary based on market conditions, execution, and timing. Distributions occur per the waterfall described above. Not an offer to sell securities. See PPM for complete terms and risk factors.
Rent Comp Set
T-12 blended average of leased units. Source: HelloData.
1-Bedroom Units
| Property | # Units | Avg SF | $ / Month | $ / SF |
|---|
| Founders Yard | 155 | 897 | $1,708 | $1.90 |
| Aventon Pearl | 159 | 787 | $1,767 | $2.25 |
| Satori West Ashley | 151 | 809 | $1,721 | $2.13 |
| Venture at Stono Vista (UW) | 70 | 742 | $1,886 | $2.54 |
2-Bedroom Units
| Property | # Units | Avg SF | $ / Month | $ / SF |
|---|
| Aventon Pearl | 185 | 1,152 | $2,228 | $1.93 |
| Founders Yard | 160 | 1,297 | $2,061 | $1.59 |
| Satori West Ashley | 118 | 1,253 | $2,198 | $1.75 |
| Venture at Stono Vista (UW) | 78 | 1,117 | $2,296 | $2.06 |
3-Bedroom Units
| Property | # Units | Avg SF | $ / Month | $ / SF |
|---|
| Aventon Pearl | 50 | 1,413 | $2,708 | $1.92 |
| Satori West Ashley | 28 | 1,538 | $2,563 | $1.67 |
| Founders Yard | 19 | 1,770 | $2,614 | $1.48 |
| Venture at Stono Vista (UW) | 16 | 1,441 | $2,785 | $1.93 |
Section 08
Project Schedule
Design start to stabilization
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2026
DP
DP
DP
DP
DP
DP
DP
CF/M
C
C
C
C
2027
C
C
C
C
C
C
C
C
C
C
C
C
2028
C
C
C/PL
C/PL
C/L
C/L
C/L
C/L
L
L
L
L
2029
S
S
S
S
S
S
S
S
S
S
S
S
2030
S
S
S
S
S
S
S
S
S
S
S
S
DP — Design & Permitting (7 mo)
CF/M — Closing & Mobilization (1 mo)
C — Construction (18 mo)
C/PL — Construction / Pre-Lease (2 mo)
C/L — Construction & Leasing (4 mo)
L — Leasing (4 mo)
S — Stabilized
Section 09
The Team
Vertically integrated · We do the work
Millstone is a vertically integrated developer-builder. Ownership, development management, finance,
and construction operate under one roof — the same shop that finds the deal will entitle it, build it,
and stabilize it.
AW
Andy Weatherford
Owner
AD
Adrien Dannemiller
Owner
OH
Owen Hartman
Director of Development
ZM
Zach Mayhew
Director of Finance
JM
Jake McKanna
Director of Construction
MS
Mirza Somun
Development Manager
Why in-house construction matters here
Millstone's in-house GC division holds the $30.34M GMP contract on Stono Vista. No outside contractor markup, no
finger-pointing between developer and builder when the schedule tightens, and direct control over cost contingency
and value engineering. The same firm carries the risk and earns the result.
Section 10
Documents
Available on request
Materials available for review by accredited investors. Reach out to the team and we'll send what you need.
PDF
Offering Memorandum
Full 44-page OM including deal sheet, pro forma, market analysis, comparable properties, and team background.
Request →
PDF
Site Plan & Architectural Renderings
Approved site plan, building elevations, unit floor plans, and landscape architecture.
Request →
PDF
Rent Comp Study (HelloData)
T-12 blended-average rent data for the West Ashley competitive set.
Request →
Ready to Talk?
Indicate interest below and a member of the Millstone team will follow up to walk through the deal. Non-binding — just opens a conversation.