Southwood Realty Buys South Carolina Asset for $26M

The 250-unit property is located within Harbison, a planned community which includes two lakes and approximately 200 acres of woods.
34 Crestmont. Image courtesy of Marcus & Millichap

Southwood Realty has acquired 34 Crestmont Apartments, a 250-unit community in Columbia, S.C., for $25.5 million. 

According to Yardi Matrix, the asset last traded in 2014, when it was acquired by Chartwell Holdings, for $16.8 million.

Built in 2003, the property comprises one-, two- and three-bedroom units. Common-area amenities include a fitness center, clubhouse, playground, swimming pool, media room and laundry facilities. The asset also features 375 parking spaces. The property is part of Harbison, a planned community which includes two lakes and approximately 200 acres of woods.

Located at 34 Woodcross Drive, on 13 acres, the 14-building asset is just off Interstate 26. The surrounding area has several retail and dining options, including Columbiana Centre, located one mile from the community. 

Marcus & Millichap brokered the transaction. Drew Babcock, first vice president of investments, led the Marcus & Millichap brokerage team. Recently, a different team from the company brokered the sale of two senior housing properties in Mississippi. ValStone Partners acquired the 116-unit portfolio.