Gladiator Enters the Ring in SC
- Aug 14, 2018
Gladiator Property Management has purchased Park at Boulder Creek, a 272-unit community in Columbia, S.C., from RealSource Properties for $24.6 million. The buyer funded the acquisition with a seven-year, fixed-rate $14.2 million Freddie Mac nonrecourse financing package originated by Grandbridge Real Estate Capital.
Located at 1000 Bentley Court in Columbia’s St. Andrews submarket, the garden-style community’s 17 two- and three-story buildings are 1.5 miles from Interstate 20 and less than 4 miles from the city’s downtown. The asset is also a short distance from the Dutch Square Mall along the Broad River Road retail corridor.
The property contains a mix of 124 one-, 108 two- and 40 three-bedroom units, with floorplans offering between 542 and 1,240 square feet. Community amenities include a swimming pool, a laundry facility, a fitness center and a playground. As of June, the asset was 98.9 percent occupied, according to Yardi Matrix.
Grandbridge’s Alan Tapie closed the financing for Gladiator in the transaction. In June, the lender originated a $26.3 million acquisition mortgage for a 210-unit property near Portland, Ore.
Image courtesy of Yardi Matrix