Austin Woods at 7648 Garners Ferry Road and Mallard Pointe at 1101 Hallbrook Drive, both in Columbia, South Carolina — Courtesy: Marcus & Millichap
By Joshua Burd
An apartment owner in the Southeast has sold 360 units across two properties, in a set of deals arranged by Marcus & Millichap brokers in South Carolina, New Jersey and Texas.
According to the listing team, the assets in Columbia, South Carolina, include the 240-unit Austin Woods at 7648 Garners Ferry Road and the 120-unit Mallard Pointe at 1101 Hallbrook Drive. Both are garden-style complexes less than eight miles from downtown Columbia and the University of South Carolina, two of the area’s largest employment centers, adding to the appeal for prospective investors.
“The properties present strong value-add opportunities, even in a challenging market,” said Drew Babcock, a first vice president for investments with Marcus & Millichap’s Columbia office. “Our collaborative approach brought in multiple competitive offers that secured a successful outcome for the seller.”
Babcock and Chez Eider of the firm’s New Jersey-based team, along with Will Balthrope and Drew Garza of its Institutional Property Advisors division, represented the unidentified seller and procured the buyer. Terms were not disclosed.
“Having negotiated the sale of these assets a few years ago, we were well positioned to help the seller strategically prepare them and navigate the market,” Eider said. “We assembled a team with local expertise and institutional reach, attracted multiple offers and put the seller in a strong position to secure favorable terms.”
In a news release, Marcus said Austin Woods is a 20-acre complex of two- and three-story buildings with a swimming pool, a tennis court and laundry facilities. Mallard Pointe is a two-story asset on 11 acres with a private lake, a swimming pool, a playground and a tennis court.
The properties opened in 1975 and 1974, respectively.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” Balthrope said.
Ben Yelm, vice president and regional manager, is Marcus & Millichap’s broker of record in South Carolina.
