Marcus & Millichap, a commercial real estate investment services firm, recently closed on the sale of Mallard Pointe Apartments in Columbia.
The 120-unit apartment complex sold for $5 million, which equals roughly $42,000 per unit.
“Columbia remains a highly sought-after market from many out of state investment groups,” Drew Babcock, vice president of investments in Marcus & Millichap’s Columbia office, said in a statement. “Mallard Pointe Apartments is an example of the many 1970’s vintage properties that have traded over the last few years.”
Located on 11 acres of land just 6 miles from downtown Columbia, Mallard Pointe Apartments is a mix of one-, two- and three-bedroom units. The complex is close to Garners Ferry Road and the new $300 million Jushi manufacturing plant.
Babcock sourced the buyer on behalf of the seller. The buyer is an investment group in New Jersey, while the seller is a local limited liability company that purchased the complex in the early 1990s.
“Mallard Pointe offered a stabilized investment opportunity with strong historical occupancy and 24 recently renovated units,” Babcock said. “There’s still upside in this deal with continued interior upgrades and slight exterior improvements.”
23975 Park Sorrento
Calabasas, CA 91302