COLUMBIA, S.C., May 7, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a four-property, 672-unit multifamily portfolio in Columbia, South Carolina.
"The sale is part of a trend we're seeing wherein Northeast-based owners are working with local, trusted advisors who are part of a national network with colleagues in every major market in the United States and Canada," said Chez Eider of Marcus & Millichap's Multi Housing Division. "We ran a controlled marketing process based on the sellers' specifications from our New Jersey office with local market expertise from our Columbia office. That effort resulted in multiple offers from both private investment groups and institutional funds. The sale closed 105 days from receipt of the letter of intent."
Eider and Drew Babcock, first vice president investments in Marcus & Millichap's Columbia office handled the brokerage assignment on behalf of the New Jersey-based seller, Eskay Management. The buyer is a partnership between Arch Companies and Drake Real Estate Partners, both of which are based in New York. Ben Yelm is Marcus & Millichap's broker of record in South Carolina.
"Arch demonstrated their institutional sophistication and entrepreneurial agility to work through the deal, despite numerous complications," Eider added. "Most importantly, their reputation for honesty, integrity and consistency in execution continue to make it a pleasure to work with them."
Built between 1969 and 1975, the properties are centrally located in Columbia near interstates 26, 20, and 77. They are: 240-unit Austin Woods Apartments; Mallard Pointe Apartments, which has 120 units; 200-unit Harbour Landing and Ravenwood Hills, a 112-unit asset. Ravenwood Hills is in Columbia's Forest Acres submarket and the other three properties are in Southeast Columbia.
"Demand for workforce housing in the Southeast remains strong, and in Columbia, more than 50% of residents are renters," commented Babcock. "The city has a well-educated workforce and a diverse range of industries that includes education, insurance technology, transportation and logistics, manufacturing, healthcare, and financial services."