Southwood Realty Buys 4 Properties for $146M
- Jul 08, 2020
Southwood Realty, a property management firm focused on the Southeast U.S. , has acquired a four-property, 1,120-unit apartment portfolio in South Carolina for $146 million. Ardmore Residential sold the recently built, Class A communities in a deal arranged by Capstone Apartment Partners, with Austin Green and Caleb Troop leading the transaction team for the sale.
Built from 2012 to 2018, the properties all had existing loans in place that were assumed by the buyer. The communities include:
- Ardmore at the Park (now Palisades at the Park) at 805 Mauldin Road, Greenville Park (305 units);
- Ardmore Howell Road (now Palisades at Howell Road) at 14001 Ardmore Springs Circle, Greenville (252 units);
- Ardmore New River (now Palisades at New River) at 82 Ardmore Garden Drive, Hardeeville (248 units);
- Ardmore Ballentine (now Palisades at Ballentine) at 114 Ballentine Crossing Lane, Irmo (315 units).
Each community has a full range of amenities, including a swimming pool, fitness center, business center, playground and business area, and the homes feature fully equipped kitchens with granite countertops. The properties all contain a mix of one-, two- and three-bedroom apartments.
Troop noted in a prepared statement that investor demand for new, well-located garden-style communities is weathering the pandemic well this year in migration markets in South Carolina, such as Greenville, Charleston, Columbia, and Hilton Head.
Properties scattered across state
The first sale to close was that of Ardmore Ballentine, which changed hands for $37.6 million. Built in 2012, the property was around 94 percent occupied at the time of closing. The 14-building community is located in the town of Irmo, a suburb of Columbia, with direct access to U.S. Route 176. Ardmore New River is situated in the Lowcountry region less than 25 miles from the Atlantic Coast. Built in 2018, the property was about 91 percent occupied when it sold for $35.1 million.
The two Greenville properties, Ardmore at the Park and Ardmore Howell Road, sold for $39.8 million and $33.3 million, respectively. Ardmore at the Park, located off Maudlin Road near Lake Conestee Nature Preserve, was built in 2017 and was around 95 percent occupied at closing. Ardmore Howell Road is sited at Howell Road and East North Street, adjacent to the Vaughn’s at East North retail center. Built in 2016, it was about 90 percent occupied when it changed hands.
The latest portfolio purchase comes after Southwood Reality scooped up two communities in Graham, N.C., for a total of $62.5 million this past February. Capstone brokered the sale of the assets, the 204-unit Watercourse and the 240-unit Waterside.