The Beach Co. Acquires South Carolina Asset
Lloyd Jones Capital sold the property for $32.4 million.
Beach Real Estate Funds, the multifamily investment arm of The Beach Co., has purchased Waters Edge, a 10 building, 204-unit garden-style community located at 250 Crossbow Drive in the Harbison submarket of Columbia, S.C. The company acquired the property for $32.4 million, Yardi Matrix data shows. A Northmarq team negotiated the sale on behalf of the seller, while the buyer was represented by a BREF team.
Walker & Dunlop arranged financing for the buyer—a $21.1 million loan, originated by Encore Bank. The loan has a 2027 maturity date. Lloyd Jones Capital was the previous owner of the property, according to Yardi Matrix.
Waters Edge dates back to 1996 and spans 14 acres, featuring one-, two- and three-bedroom units. Floorplans average 1,025 square feet, ranging from 715 to 1,315 square feet. Common-area amenities include a fitness center, a business center, a tennis court, a pool, a spa and on-site laundry facilities. Apartments offer washers and dryers in all units and fireplaces in select units. The community is situated northwest of downtown Columbia, adjacent to Irmo, S.C. The location provides access to several educational, medical and retail offerings.
Ward McCarthy, asset management manager at BREF, stated in prepared remarks that the company will carry on with the improvement plan launched by the previous owner. This includes in-unit upgrades such as stainless appliances and granite and quartz countertops.
The Beach Co. catches some sun in the Carolinas
Northmarq Senior Vice President John Currin and Managing Directors Andrea Howard and Jeff Glen assisted Lloyd Jones Capital in the transaction. Senior Director Connor Locke and Director Cliff Ayers with Walker & Dunlop’s Coleman-Butler team negotiated the financing. BREF’s team was led by Acquisition Manager Darby Parker and Acquisitions Associate Nico LeVigne.
This transaction represents the final acquisition for the BREF portfolio. At the beginning of the month, The Beach Co. announced its expansion in Charlotte, N.C., with the purchase of The Brook, a 162-unit garden-style multifamily community. Beach Real Estate Funds is planning a number of upgrades to this community as well.