Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of two multifamily assets in Columbia, South Carolina. The properties are Austin Woods, a 240-unit asset built in 1975 and Mallard Pointe, a 120-unit asset constructed in 1974.
“The properties present strong value-add opportunities, even in a challenging market,” said Drew Babcock, first vice president investments with Marcus & Millichap. “Our collaborative approach brought in multiple competitive offers that secured a successful outcome for the seller.” Babcock, Chez Eider, and Isabella Benucci of Marcus & Millichap, along with IPA’s Will Balthrope and Drew Garza represented the seller and procured the buyer. “Having negotiated the sale of these assets a few years ago, we were well positioned to help the seller strategically prepare them and navigate the market,” said Eider. “We assembled a team with local expertise and institutional reach, attracted multiple offers, and put the seller in a strong position to secure favorable terms.”
Both properties are less than eight miles from Downtown Columbia and the University of South Carolina, two of the area’s largest employment centers. Additional nearby employers include the State of South Carolina, Prisma Health, BCBS of South Carolina, United Parcel Service, and Fort Jackson.
Mallard Pointe was formerly known as Arbor Landing while Austin Woods was formerly known as Colonial Pointe Apartments.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope. Ben Yelm, vice president and regional manager is Marcus & Millichap’s broker of record in South Carolina.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
