Braden Fellman Buys 2 in South Carolina
A joint venture previously owned the properties, totaling 300-plus units.
Braden Fellman Group has acquired two multifamily properties in Columbia, S.C., totaling 304 units. The collection includes the 192-unit Harbour Landing and the 112-unit Ravenwood Hills.
Institutional Property Advisors represented the seller, while Marcus & Millichap worked on behalf of the buyer.
The previous owner was a joint venture between Arch Cos. and Drake Real Estate Partners, according to Yardi Matrix information. The duo purchased the assets in May 2021 from Eskay Management in a $32 million portfolio transaction that included two other communities, the same source shows.
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Columbia’s multifamily transactions volume last year comprised nine communities—1,776 units—trading for $233.7 million, according to Yardi Matrix. This marked a considerable decrease in deal activity compared to 2023, when 20 assets—2,290 apartments—traded for $259.3 million, as nationally, multifamily finance was not immune to overall economic uncertainty. However, the average price per unit in Columbia rose year-over-year from $113,225 to $131,598.
Institutional Property Advisors First Vice Presidents Drew Babcock and Chez Eider, along with Senior Vice President Drew Garza and Executive Managing Director Will Balthrope, represented the seller in the deal. Marcus & Millichap Senior Associate Ryan Lipomi worked on behalf of the buyer.
Two communities near each other
Completed in 1974, Harbour Landing is at 514 Spindrift Lane, close to the East Pointe Plaza shopping center. Downtown Columbia is less than 8 miles away, while the Columbia Metropolitan Airport is 14 miles southwest.
The community encompasses 19 two-story residential buildings spread across 20 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 785 to 1,438 square feet. Apartments also feature private balconies or patios. Common-area amenities include a community room, a playground, a swimming pool and laundry facilities. The property also has 400 car parking spaces, a tennis court and an outdoor dining area with grills.
The 1969-completed Ravenwood Hills is at 4215 Bethel Church Road, less than 7 miles from Harbour Landing and 5 miles away from downtown Columbia.
The property features 13 two-story buildings across less than 8 acres. Apartments consist of one-, two- and three-bedroom floorplans, varying in size from 825 to 1,125 square feet. Common-area amenities feature a community room, a swimming pool, laundry facilities and 210 parking spaces.
