Southwood Realty Buys South Carolina Community for $41M
- May 30, 2019
Southwood Realty has acquired a 384-unit apartment community in Blythewood, S.C., from McCall Capital for $41 million, or $106,771 per unit. Cushman & Wakefield’s Tai Cohen, Watson Bryant and Jordan McCarley represented the seller of the property just north of Columbia, S.C.
Located at 2051 Blythewood Crossing Lane, Enclave Blythewood has been renamed The Palisades of Blythewood following the deal. The property, consisting of 20 three-story buildings, was built in two phases in 2008 and 2015. The new owner is planning a multi-faceted value-add program to boost revenue.
The property in the Columbia suburb is within two miles of 2,600 jobs, and an additional 1,825 jobs have been announced in the same area since April 2017, as economic growth fuels multifamily development in the Blythewood submarket.
Apartment developer Southwood Realty was founded by Herman Eugene Ratchford Sr., who died in 2017. The late tycoon sold Southwood and sister company Triangle Real Estate, a house and hotel builder, to sons Gene and Dan, according to an account in the Gaston Gazette. The company has a portfolio of more than 70 communities across the Southeast U.S.
Southwood Realty’s holdings include five properties in Columbia totaling 1,128 units, according to Yardi Matrix data. The developer sold Village 1373, a 332-unit community in Greensboro, N.C., to Arcan Capital for $21.3 million last December.