MultiVersity Housing Partners has acquired The Orchard Columbia, a 308-bed student housing community in Columbia, S.C., serving students at the University of South Carolina. MultiVersity Property Management, the buyer’s management arm, has been tapped to manage the property.
When MultiVersity Housing closed the deal, the 84-unit cottage-style community was fully occupied. The property was also fully preleased for the 2022-2023 academic year.
The 8-acre asset at 1120 Virginia St. is within a mile of the University of South Carolina’s Columbia campus. Developed in three phases between 2015 and 2018, the pet friendly community offers 28 three-bedroom units and 56 four-bedroom units. Residents have access to a swimming pool with sundeck, gym, clubhouse and laundry rooms. The new owner plans to upgrade the community amenities and enhance the internet connection as well as the security systems.
This is MultiVersity Housing’s second property in the Columbia university market. The company acquired Rivers Edge at Carolina Stadium back in 2016. The 486-bed community is 1 mile from the university campus and less than 2 miles from the new asset. The company renovated the property and added 95 new units for $2.5 million, according to the company’s website.
In June this year, The Preiss Co., in a partnership with Nuveen Real Estate, also acquired The Row at Stadium, a 504-bed student housing asset in Columbia, S.C. The partnership paid $41.6 million for the asset, which equates to $82,470 per bedroom, according to Yardi Matrix data.