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.”