Berkadia Brokers Sale of 150-Unit SC Community
- Oct 31, 2017
Berkadia facilitated the sale of Charbonneau, a 150-unit community in Columbia, S.C. Mark Boyce and Blake Coffey of Berkadia’s Charleston team worked on behalf of the seller, Raith Capital Partners. Gladiator LLC of South Orange, N.J., acquired the asset for $9.2 million, or $61,331 per unit, at a 5.5 percent cap rate. Mike Zaremski in Berkadia’s New York City office financed the transaction through Fannie Mae.
Located at 167 Stoneridge Drive in the Skyland Estates neighborhood, the 14-building, garden-style community is less than five miles from downtown Columbia. With easy access to both interstates 126 and 20, Charbonneau is in close proximity to the Riverbanks Zoo, restaurants, shopping centers and employment hubs. According to Yardi Matrix data, the 1985-built property features two studios, 39 one-, 95 two- and 14 three-bedroom units. Each apartment includes energy efficient appliances, wood burning fireplaces, ceiling fans, washers and dryers and a screened patio or porch. Amenities include a renovated clubhouse, a swimming pool with grilling station, a tennis court and 270 parking spaces.
“We went from contract to close in 45 days. There is tremendous upside for the buyer as they will continue the interior renovations and improving the property. Columbia remains an attractive investment market on the apartment side,” said Boyce, in a prepared statement.
The property was 97 percent occupied at the time of the sale.
Most recently, Berkadia also brokered the financing and sale of The Links at Parkville Apartments, a 244-unit multifamily property in Parkville, Mo.
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to firstname.lastname@example.org.