A partnership between Arch Cos. and Drake Real Estate Partners has acquired a four-property multifamily portfolio in Columbia, S.C. totaling 672 units. The sales price was not disclosed.
The portfolio includes three properties southeast of downtown Columbia in the Hazelwood Acres neighborhood—the 240-unit Austin Woods at 7648 Garners Ferry Road, 200-unit Harbour Landing at 7625 Garners Ferry Road and 120-unit Mallard Pointe at 1101 Hallbrook Drive as well as one property northeast of downtown in the Ravenwood neighborhood: Ravenwood Hills at 4215 Bethel Church Road, which contains 112 units.
The four properties have benefited from steady occupancy and Arch plans to implement a value-add capital improvements program through its vertically integrated Arch Builders division to address deferred maintenance and deliver substantial interior upgrades. The properties will be operated by Arch’s in-house management team.
The seller was not disclosed.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.