CRG, the national real estate development and investment firm, along with partner Landmark Properties, the nation’s largest student housing developer, announced they have completed the sale of The Standard at Columbia, a new 17-story, 678-bed student housing tower at 1401 Assembly Street in Columbia, South Carolina.
The buyer is CapitaLand, a real estate investment and management firm headquartered in Singapore that was a capital partner on the project and, through this transaction, has acquired the remaining interests in the asset.
The property is located on an urban-infill site in the Arsenal Hill neighborhood, steps from retail, restaurant and entertainment offerings throughout downtown Columbia as well as the University of South Carolina campus. After CRG broke ground on The Standard in 2021, despite a challenging economy, it was able to complete the project ahead of schedule and under budget.
With assets of $6.5 billion, CapitaLand’s residential investments focus on core and core-plus student housing in major university markets offering a steady stream of income. The Standard at Columbia is its 10th student housing acquisition.
“High-quality student housing continues to be a standout investment as rent growth outpaces inflation and construction costs,” said JJ Smith,executive vice president and partner, residential, at CRG. “This is a trophy asset in a phenomenal high-growth market that should yield great results for the buyer’s portfolio for years to come.”
Murals painted on the north and south sides of the building and in the parking garage by North Carolina artist Sharon Dowell, commissioned in partnership with One Columbia, honor the rich cultural history of the area, which was known as Columbia’s “Black Downtown” from the 1920s through mid-century, and the many Black-owned businesses that lined the streets during that time.
CRG parent company Clayco served as general contractor on the development, while Clayco subsidiary Lamar Johnson Collaborative was the architect. The team has sourced and developed more than $6 billion in residential communities and 40,000 multifamily units, including market-rate apartments, co-living residences and off-campus student housing. Among other projects, CRG will soon deliver two more student housing high-rises: Chapter Madison at the University of Wisconsin-Madison, which is 95% pre-leased, and Chapter Eugene at the University of Oregon, which is 84% pre-leased. Both projects are projected to deliver on time and on budget, opening to residents for the fall 2024-25 semester.
CRG’s partner on the project, Landmark Properties, is a fully integrated real estate firm with more than $11.8 billion in assets under management including over 100 residential communities across the country. Landmark currently has 22 student and multifamily projects under construction with an estimated value of $4.7 billion.
