CRG, Landmark Sell SC Student Community

The property is near the University of South Carolina in Columbia.

Apartment courtyard with pool

The community is located near the University of South Carolina and is 98.1 percent pre-leased for the 2024-25 school year. Image courtesy of CRG

Student housing community The Standard at Columbia, located near the University of South Carolina in Columbia, S.C., has changed hands. CapitaLand acquired the asset from a joint venture of real estate developer and investor CRG and student housing developer Landmark Properties.

The 17-story, 678-bed student housing tower is situated at 1401 Assembly St. in Columbia and opened last year. The Standard at Columbia notched a 91.3 percent occupancy for the 2023-24 academic year and is 98.1 percent preleased for the coming school year.

The Standard at Columbia’s beds are spread across 247 furnished studio to five-bedroom residences. A resort-style rooftop pool with sun shelves is among the property’s amenities.

Closing the deal

“The primary challenge in completing the sale of The Standard at Columbia was the higher interest rate environment,” J.J. Smith, partner & executive vice president, residential, at CRG, told Multi-Housing News. “This created a more cautious investment landscape, making it difficult to secure favorable financing terms and impacting buyer sentiment.”

CRG and Landmark Properties were able to clear these hurdles by demonstrating the property’s strong performance and high demand, said Smith, who noted that the high prelease figures significantly boosted buyer confidence.

“This high preleasing rate provided a clear indication of future demand and rent growth prospects, effectively mitigating concerns about the temporary impact of higher interest rates,” said Smith. “The team’s ability to deliver the project ahead of schedule and under budget further showcased the property’s value and the team’s operational excellence.”

The wall murals painted on the building’s north and south sides and in the parking garage are by North Carolina artist Sharon Dowell and were commissioned in partnership with One Columbia. The murals recognize the profound cultural legacy of the neighborhood, which from the 1920s to mid-century was referred to as Columbia’s “Black Downtown.”

Last month, Walker & Dunlop arranged $62 million in financing for a mixed-use development called Burnside Farms Apartments in Columbia, S.C.

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