South Carolina Rental Property Changes Hands

Brick Lane and Enterprise Community Investment acquired the 622-unit property in Columbia with plans to upgrade the asset.
The Grove at St. Andrews. Image courtesy of JLL

Brick Lane and Enterprise Community Investment have acquired The Grove at St. Andrews, a 622-unit apartment community in Columbia, S.C. The buyers received $28.3 million in acquisition financing through Freddie Mac for the asset, which was previously owned by Asia Capital Real Estate.

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Built in phases from 1977 to 1984, the property is located at 716 Zimalcrest Drive about 6 miles from downtown. The community, which is nearly 93 percent occupied, spans 35 buildings on a 36-acre lot and features a mix of studio, one- and two-bedroom units. Amenities include a fitness center, clubhouse, tennis court, playground, two swimming pools and seven laundry facilities.

The asset has changed hands multiple times. Asia Capital Real Estate acquired it from Arbor Realty Trust for $24.5 million in May 2016, according to Yardi Matrix data. The new owners plan to carry out interior and common area upgrades to the property, including enhancements to the pool and green spaces and the addition of in-unit washers and dryers to some units.

Terms of the acquisition by real estate investment and development firm Brick Lane and affordable housing specialist Enterprise Community Investment were not disclosed. A JLL team led by Senior Director Jamie Leachman and Director Evan Parker worked on behalf of the buyers to arrange a 10-year, fixed-rate acquisition loan through Freddie Mac. The loan will be serviced by HFF, a Freddie Mac Optigo lender now part of JLL.

Investment firm, nonprofit link up

Brick Lane has a portfolio of more than 2 million square feet of multifamily and mixed-use projects acquired, delivered, or under development. The company acquired Northlake Townhomes, a 76-unit community in North Charleston, S.C., from URS Capital Partners in August 2018, with HFF securing a 10-year, $5.3 million loan through Freddie Mac for the purchase.

Enterprise Community Investment, which specializes in affordable housing for low- and moderate-income families, is part of Enterprise Community Partners of Washington, D.C. The organization combined with Community Preservation and Development Corp. (CPDC) last year to share expertise on keeping homes affordable.