Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced a two-property multifamily portfolio sale in Columbia, South Carolina. The properties are Harbour Landing, a 192-unit asset built in 1974, and Ravenwood Hills, a 112-unit property constructed in 1969.
“The Columbia market continues to be a target for investors, and this portfolio offered the opportunity to scale in a supply-constrained environment,” said Drew Babcock, first vice president investments in Marcus & Millichap’s Columbia office.
“In today’s evolving investment landscape, maximizing value requires a competitive process and broad market exposure,” said Chez Eider, first vice president investments in Marcus & Millichap’s New Jersey office. “By engaging local, regional, and institutional capital sources, we secured strong investor interest despite rising interest rates and ultimately achieved strong pricing for our client.”
Babcock, Eider, and Drew Garza and Will Balthrope of IPA represented the seller. Ryan Lipomi in Marcus & Millichap’s Charleston office represented the buyer, Georgia-based Braden Fellman Group. “The Braden Fellman Group identified a strong opportunity to expand their footprint in the Southeast with these assets,” said Lipomi. “Working closely with all parties, we navigated underwriting and financing considerations to facilitate a smooth closing.”
The properties’ location within eight miles of Downtown Columbia provides residents with access to major employment centers, including the University of South Carolina, Fort Jackson, Prisma Health, and BlueCross BlueShield of South Carolina. In December 2024, Babcock, Eider, Balthrope, and Garza closed two additional multifamily sales in Columbia: Austin Woods, a 240-unit asset built in 1975 and Mallard Pointe, a 120-unit asset constructed in 1974.
Harbour Landing is a garden-style community with an average unit size of 1,143 square feet. Amenities include a swimming pool, tennis court, playground, and pond. Ravenwood Hills has an average unit size of 964 square feet. The property features a swimming pool, laundry facilities, and a picnic area.
“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.
