Arch Cos., Drake Real Estate Acquire 672-Unit MF Portfolio in Columbia, S.C.
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.