Cushman & Wakefield has brokered the $23.4 million sale of Heron Lake, a 216-unit community in Columbia, S.C. Tai Cohen, Jordan McCarley and Marc Robinson worked on behalf of the seller, MAS Broken Arrow. In late 2018, the same team facilitated the sale of a $48.2 million asset in Myrtle Beach, S.C.
The purchase of Heron Lake represents Collins Group’s first foray in the state. According to Yardi Matrix data, the sale was subject to a $15 million loan held by Freddie Mac. The new owner intends to renovate the property.
Located at 1340 N. Brickyard Road, 13 miles northeast of downtown Columbia, Heron Lake is close to Interstate 77 and within 4 miles of retail and dining establishments. The nine-building property was completed in 2008 and encompasses one-, two- and three-bedroom units averaging 1,097 square feet. Amenities include a bike storage, a car care center, a swimming pool, sand volleyball courts and a pet park. In May, the community was 87 percent occupied, per Yardi Matrix.
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