Oct
18

Columbia Apartments Sold for $28,000/Unit

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marcus millichapPark Place Apartments, a 300-unit property in West Columbia, has sold for $8.4 million to a private Upstate investor who plans immediate upgrades to unleased units to improve occupancy and rents.

Drew Babcock, director of multi-family transactions in the Columbia office of commercial real estate investment service firm Marcus & Millichap, brokered the transaction on behalf of the seller, a partnership that has owned the property since the late 1970’s. Babcock also secured the buyer, said Raj Ravi, regional manager of the firm’s N.C. and S.C. offices. The selling price represents a value of $28,000 per unit.

“Park Place is an attractive investment due to the upside in raising rents and occupancy,” Babcock said in a release.

The 18.42-acre complex at 1035 Comanchee Trail includes a mix of one-, two- and three-bedroom apartments.

 

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