Kansas City-based SBV Communities has announced the purchase of the 332-unit Quail Run Apartments in Columbia. The purchase, which closed February 22, is SVB’s first step into the Columbia market. The purchase price has yet to be disclosed.
“Columbia represents a fundamentally solid investment with significant upside potential at measured risk,” declared Director of Multi-Family Acquisitions Chris Thomson in a news release. “Occupancy rates have declined significantly since 2010, and rental rates have increased three percent during that time.”
He added: “With rental demand expected to continue and new construction not projected to meet that demand for several years, we are extremely excited about the prospects for Quail Run.”
The 15-asset strong SVB Communities was formed in 2009 and comprises the multifamily real estate division of Spectrum Business Ventures Inc.—a private investment firm based in Kansas City, Mo.
Quail Run Apartments sits on 42 acres of wooded lands and consists of lofts, garden-style apartments and town homes offering one-, two- and three-bedroom units. Units feature fully equipped kitchens with breakfast bars or adjacent formal dining areas, walk-in closets, extra storage, and screened-in porches. Community amenities include a country club-style swimming pool, fitness center, lighted tennis courts, fishing pond, pavilion with grilling area, and pet-friendly walking trails.
In other news, Recleim—a start-up recycler of appliances and e-waste materials—recently announced it will be establishing its first recycling plant in Aiken County. The facility, a $40.6 million investment, will be located at 118 Hard St. in Graniteville—about an hour away from Columbia. The project is expected to generate around 200 jobs.
The Recleim’s plant will feature state-of-the-art, proprietary technology that will safely contain harmful substance typically found in e-waste while also salvaging about 95 percent of processed e-waste. Furthermore, the facility is expected to be one of the most environmentally responsible and efficient in North America.
Charts courtesy of Colliers International