Xcite Capital Wins Investor Battle for $18M Multifamily in Columbia
Marcus & Millichap has arranged the $17.5-million sale of Land Bank Lofts, a 113-unit apartment property in Columbia, SC.
Drew Babcock of Marcus & Millichap represented the seller, Memphis, TN-based Heritage Land and Development, LLC, and procured the buyer, Xsite Capital Investment, LLC.
“The downtown Columbia rental market demands some of the highest rent in SC,” said Babcock. “We were able to generate interest in this property from all over the country and even attracted investors based overseas. The demand for multifamily properties in SC has never been higher.”
Land Bank Lofts is situated on 2.2 acres, the property offers a mix of studio, one- and two-bedroom apartments. Each of its 113 units feature open floor plans with high ceilings, stainless steel appliances, quartz countertops and stackable washer and dryer sets. The property’s common area amenities include a pool, 24-hour secure entry, a business center and on-site surface parking for every unit.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!