ARA Newmark Brokers Sale of SC Student Housing Facility

Holder Properties sold Aspyre at Assembly Station to an out-of-state investor for $56 million.

By Veronica Grecu

Aspyre at Assembly Station, Columbia, S.C.
Aspyre at Assembly Station, Columbia, S.C.

Columbia, S.C.ARA Newmark announced the sale of a student housing property situated next to the University of South Carolina campus.

Aspyre at Assembly Station was sold for $56 million to Castlerock Enterprises, a California-based real estate investment company specializing in acquisitions, development and repositioning opportunities. Executive Managing Director Ryan Lang represented seller, Holder Properties, in the transaction. The sale was subject to a $36.4 million, 12-year loan held by Fannie Mae. The community is currently 97 percent occupied.

Conveniently located at 1000 Whaley St. in downtown Columbia, Aspyre at Assembly Station was constructed in 2009 as a four-story student building with 400 apartments totaling 760 beds. The property offers a combination of studios, one-, two- and three-bedroom units with floor plans ranging between 560 and 1,295 square feet .

Rents at Aspyre at Assembly Station vary between $1,000 for a studio and $1,965 for a three-bedroom apartment, according to data collected by Yardi Matrix. Earlier this year Multi-Housing News reported that Peak Campus took over property management at the student housing community.

The list of amenities at the community includes a multi-level parking garage with 748 spaces, five courtyards, two swimming pools with beach area, sports court and fitness center, business center, media room and additional storage space.

Image courtesy of Yardi Matrix