Nimes Buys South Carolina Student Asset
This Columbia property is the adaptive reuse of a manufacturing warehouse.
Nimes Real Estate has entered a new market with the acquisition of Columbia Lofts, a 330-bed student housing community in Columbia, S.C. TSB Realty brokered the deal, while TSB Capital Advisors secured the financing on behalf of the buyer.
Global Student Accommodation previously owned the asset, according to Yardi Matrix information. The firm acquired it from University Communities in a portfolio sale in April 2024. Prior to selling, GSA obtained a $500 million refinancing loan for 23 assets, including this property.
Fully occupied at the time of sale, Columbia Lofts witnessed impressive year-over-year rent growth for the current academic year, TSB Capital Advisors told Multi-Housing News.
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Located at 211 Main St. in the city’s downtown, the community is within walking distance of the University of South Carolina in Columbia campus. Columbia Metropolitan Airport is some 8 miles southwest.
Originally built as a warehouse in 1896, the property was converted to residential use in 1945 and then to student housing. Renovated in 2012, the four-story building has one-, two-, three- and four-bedroom floorplans ranging from 681 to 1,320 square feet.
Amenities at the 170-unit community include a swimming pool, barbecue and picnic area, as well as study rooms, a resident lounge and laundry facilities. The property also has 270 parking spaces.
TSB Realty Executive Managing Director Randall Calvert brokered the sale. TSB Capital Advisors Vice President Tyler Martin arranged the financing.
Student housing’s steady investment activity
A total of 76 student communities changed hands year-to-date as of September for a combined $3.7 billion, the latest Yardi Matrix student housing report shows. This figure was considerably lower than the $5 billion registered during the same period of 2024.
In 2024, University of South Carolina at Columbia ranked first for student housing investment volume. The institution saw roughly $134 million in assets trading for the average price per bed of $191,350.
