Marcus and Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, has sold the Jamestowne Apartments, a 165-unit apartment property in Columbia.
The property sold for $4.4 million, its full list price which represents approximately $26,000 per unit, according to Raj Ravi, regional manager of the firm’s Columbia office.
Drew Babcock, associate vice president investments in Marcus & Millichap’s Columbia office, had the exclusive listing to market the property on behalf of the seller, a partnership. Babcock and his team received multiple offers from out-of-state investment groups but ultimately, a local buyer was selected.
Harrison Creason, an investment specialist who focuses in retail transactions in the state, assisted with the transaction.
“The Jamestowne investment offered a rare opportunity to purchase more than 150 units in Forest Acres for under $30,000 per unit,” Babcock said. “The Forest Acres submarket is one of the best performing submarkets in Columbia in terms of occupancy rates and rental rates. The average rent for two and three bedroom units is well over $1,000 per month.”
Jamestowne Apartments, situated on 7.1 acres, is at 4200 Bethel Church Road in the Forest Acres neighborhood of Columbia.