“Columbia is a market in which The Beach Co. has owned and operated communities for more than three decades,” said Leonard Way, senior vice president and fund manager of BREF, in a press release. “BREF is thrilled to close our flagship acquisition fund with the purchase of Waters Edge, further expanding The Beach Co.’s footprint in our state’s capital and building upon our Southeast portfolio.
Built in 1996, Waters Edge in Harbison offers one-, two-, and three-bedroom floor plans in 10 apartment buildings on 14 acres. Residents have ample space and connectivity to lake and area trail networks. Floor plans range from 715 to 1,350 square feet with an average unit size of 1,025 square feet.
“The current owner has done an excellent job preparing the asset for the next phase of improvements, particularly the interiors of the units,” Ward McCarthy, head of asset management at BREF, said in the statement.
The company plans to renovate the interior of the units with updates, including stainless steel appliances and granite and quartz countertops,
This transaction represents the final acquisition for the Beach Investment Fund, providing investors with a diversified portfolio spread across the high growth markets of the Southeast. John Currin, Andrea Howard and Jeff Glen of Northmarq facilitated the sale on behalf of the seller. Connor Locke and Cliff Ayers placed the debt on behalf of Walker and Dunlop’s Coleman-Butler team. Darby Parker and Niko LeVigne of BREF facilitated the acquisition on behalf of the buyer.
Contact Christina Lee Knauss at 803-753-4327.