West Columbia’s 300-unit Park Place Apartments complex recently sold for $8.4 million — averaging $28,000 per unit — by local representatives of the commercial real estate investment services firm Marcus & Millichap.
Raj Ravi, who serves as regional manager of the firm’s North and South Carolina offices, announced the transaction, while Drew Babcock, who directs multi-family transactions in Marcus & Millichap’s Columbia office, facilitated the sale. A partnership had owned the property since the late 1970’s.
“Park Place is an attractive investment due to the upside in raising rents and occupancy,” said Babcock, who also procured the property’s purchaser — a private investor from the upstate area. The buyer intends to renovate unleased units to increase occupancy and value.
Offering a selection of one-, two- and three-bedroom apartments, the complex is situated on 18.42 acres at 1035 Comanchee Trail — across the Congaree River from downtown Columbia and The Congaree Vista, its arts, dining and entertainment district.
With offices throughout the United States and Canada, Marcus & Millichap maintains corporate headquarters in Calabasas, California.