JID Investments LLC (JIDI) is very pleased to announce that we have fully funded our latest investment – City House Charleston. JIDI, along with our newest Sponsor/Developer partner, Landmark Partners will participate in the new construction of a 4-story, 21-unit luxury residential multifamily condominium for sale (two/three bed and two and a half/three and a half bath) and commercial building for lease (retail, gym, restaurant) in the French Quarter district of Charleston, South Carolina.
Condominium units will range from 1,525 – 4,228 sqft (total unit sqft), including four penthouse units and showcase magnificent views of downtown Charleston. Sale prices range from ~$1.7M – $4.8M. Landmark has presold 13 units (62% of the total number of units). JIDI investors will exit the project upon sale and closeout of the final condominium unit(s). Our projection is to be 100% presold by CofO/delivery in 4th QTR 2024.
JIDI is providing $1.5M of equity as a Limited Partner to the project. JIDI accredited investors were offered 60 units of investment at $25,000 each. This is JIDI’s 29th project investment since our inception in April 2013. We have invested over $34.7M on these 29 projects with 17 going full cycle.
Investment Details:
Project Name: City House Charleston
Location (City/State): Charleston, South Carolina
Project Type: Residential and Mixed-Use Commercial
JIDI Raise Amount: $1,500,000
Investment Unit Dollar Amount: $25,000 (60 units)
Projected Length of Investment: 2 years
JIDI Projected Investor Returns (IRR): 16% (includes a 12% preferred return)
JIDI Projected Investor Equity Multiple: 1.32x