Press Releases
Marcus & Millichap Brokers $3.1 Million Sale of Chester Village Apartments
October 30, 2023
CHESTER, S.C., October 30, 2023 – 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 Chester Village Apartments, a 75-unit multifamily community located in Chester, South Carolina. The property sold for $3.1 million, or $41,333 per unit.
Drew Babcock and Isabella Benucci, investment specialists in the firm’s Columbia office, had the exclusive listing to market the property on behalf of the Colorado-based seller, in addition to procuring the buyer, Charlotte-based Ridgewood Chester, LLC. The team generated multiple competing offers from, local, regional and national buyers, including investors based in Massachusetts and Rhode Island.
“The I-77 corridor between Charlotte and Columbia has seen significant job growth in recent years,” says Babcock. “That trend will continue with the Scout Motors opening in Blythewood.”
“There is a real need for workforce housing in this area, and that’s exactly what an asset like Chester Village Apartments offers,” adds Benucci.
Chester Village Apartments is located at 200 York Street in Chester. Built in 1960 on 7.33 acres of land, the property features exclusively two-bedrooom, one-bath floor plans. The aforementioned Scout Motors development, a new auto manufacturing plant in Richland County, is only 40 minutes away and will bring 4,000 new jobs to the area.
Drew Babcock and Isabella Benucci, investment specialists in the firm’s Columbia office, had the exclusive listing to market the property on behalf of the Colorado-based seller, in addition to procuring the buyer, Charlotte-based Ridgewood Chester, LLC. The team generated multiple competing offers from, local, regional and national buyers, including investors based in Massachusetts and Rhode Island.
“The I-77 corridor between Charlotte and Columbia has seen significant job growth in recent years,” says Babcock. “That trend will continue with the Scout Motors opening in Blythewood.”
“There is a real need for workforce housing in this area, and that’s exactly what an asset like Chester Village Apartments offers,” adds Benucci.
Chester Village Apartments is located at 200 York Street in Chester. Built in 1960 on 7.33 acres of land, the property features exclusively two-bedrooom, one-bath floor plans. The aforementioned Scout Motors development, a new auto manufacturing plant in Richland County, is only 40 minutes away and will bring 4,000 new jobs to the area.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
