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.
About Marcus & Millichap
With nearly 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.