Berkadia Sells Aiken’s Steeplechase Apartments


steeplechaseBerkadia announced today the sale of Steeplechase, located at 749 Silver Bluff Road in Aiken, South Carolina. Vice President Mark Boyce of the South Carolina office and Associate Partner Robert DiPietrae of the Seattle office negotiated the transaction. Steeplechase sold for $4.5 million on March 31, 2015. The sales price reflects a per-unit price of $35,524, or $51 per square foot. The cap rate was not reported.

Built in 1976, the 126-unit property features one, two and three-bedroom floor plans, with amenities including a pool, clubhouse and playground. At the time of sale, the property was fully stabilized at 96 percent occupancy. Steeplechase has little to no deferred maintenance and offers the new owner an opportunity to own and manage a well-located asset in a growing secondary market of South Carolina. With minor interior upgrades, new ownership will be able to adjust rents accordingly.

The community is located near State Route 78, providing residents access to the entire Aiken area. Steeplechase is less than two miles from Houndslake Country Club and seven miles from University of South Carolina – Aiken. Top employers in the immediate area include URS Corporation, University of South Carolina – Aiken, Regions Bank and Hubbell Power Systems, Inc.

The seller was a Seattle-based institutional real estate developer and investment group. The buyer was a Georgia-based entity.

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