Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Wellington Farms, a 236-unit apartment complex in Columbia, South Carolina. The property sold for $23,128,000, or $98,000 per unit.
“During the past four quarters, increased demand for apartments in Columbia has significantly dropped vacancy and multifamily assets are drawing interest from a wide range of investors,” said Drew Babcock, CCIM, first vice president investments in Marcus & Millichap’s Columbia office. “At the time of the sale, the complex was 96 percent occupied.” Babcock facilitated the transaction for the seller, Wellington Farms LLC, and the buyer Gastonia, North Carolina-based Southwood Realty Company.
Built in 2001, the property is 10 minutes south of downtown Columbia, and close to interstates 77, 26 and 20. The University of South Carolina, Fort Jackson, Midlands Technical College, and a Veteran’s Administration hospital are nearby.