Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Land Bank Lofts in Columbia, S.C. The 113-unit apartment property sold for $17.45 million, according to Benjamin Yelm, regional manager of the firm’s Columbia, S.C. office.
Drew Babcock, an investment specialist in Marcus & Millichap’s Columbia, S.C. office, had the exclusive listing to market the property on behalf of its seller, Heritage Land and Development, LLC, and procured its buyer, Xsite Capital Investment, LLC.
Land Bank Lofts is located at 1401 Hampton St. in Columbia, S.C. Situated on 2.2 acres, the property offers a mix of studio, one- and two-bedroom apartments. Each of its 113 units feature open floor plans with high ceilings, stainless steel appliances, quartz countertops and stackable washer and dryer sets. The property’s common area amenities include a pool, 24-hour secure entry, a business center and on-site surface parking for every unit.
“The downtown Columbia rental market demands some of the highest rent in South Carolina. The seller did a tremendous job in renovating Land Bank Lofts and offering its residents the best surface parking in downtown Columbia, which will be a huge asset in the future,” said Babcock. “We were able to generate interest in this property from all over the country and even attracted investors based overseas. The demand for multifamily properties in South Carolina has never been higher.”