$25.5 Million Apartment Property Sale Completed by Marcus & Millichap in Columbia, S.C.
COLUMBIA, S.C., Aug. 14, 2020 – 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 34 Crestmont Apartments, a 250-unit multifamily asset in Harbison, a planned community in Columbia, South Carolina. The property sold for $25.5 million, which equates to $102,000 per unit.
“34 Crestmont is located just 10 minutes outside of downtown Columbia in the Harbison area,” said Drew Babcock, CCIM, first vice president investments in Marcus & Millichap’s Columbia office. “Properties in this part of the city perform well due to the demand to be near shopping, dining, and recreational areas.“With a history of low vacancy, the property was 95% occupied at the time of the sale.” Babcock facilitated the transaction between the buyer, Southwood Realty, and the Charleston, S.C.-based seller.
Constructed in 2003, the 234,656-rentable-square-foot apartment complex is located on 11.4 acres in the Harbison community, which has two lakes, approximately 200 acres of woods and 11 miles of pathways that connect the neighborhoods with shopping areas.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.