Southwood Realty Acquires 1,120-Unit Apartment Portfolio in South Carolina for $146M
GREENVILLE, HARDEEVILLE AND IRMO, S.C. — Southwood Realty has acquired a four-property apartment portfolio totaling 1,120 units across South Carolina for $146 million. The four communities include Ardmore at the Park and Ardmore Howell Road in Greenville, Ardmore New River in Hardeeville and Ardmore Ballentine in Irmo.
Each of the properties features amenities such as a pool, fitness center, playground, business center and grilling area. Austin Green and Caleb Troop of Capstone Apartment Partners represented the seller, Greensboro, N.C.-based Ardmore Residential. The team also procured the Gastonia, North Carolina-based buyer.
“We continue to see demand from investors for well-located, new-construction garden product across the Carolinas,” says Troop. “Multifamily investment throughout in-migration markets like Greenville, Charleston, Columbia and Hilton Head has weathered the pandemic storm quite well this year.”
The 305-unit Ardmore at the Park sold for $39.8 million and has been renamed Palisades at the Park. Built in 2017, it was 95 percent occupied at the time of sale. Ardmore Howell Road, now renamed Palisades at Howell Road, sold for $33.3 million. Built in 2016, it was 90 percent leased at the time of closing.
Located less than 25 miles from the Atlantic Coast, Ardmore New River sold for $35.1 million and has been renamed Palisades at New River. Built in 2018, it was 91 percent occupied at the time of sale. Ardmore Ballentine sold for $37.6 million and has been renamed Palisades at Ballentine. The 315-unit community is located in Irmo, a suburb of Columbia. Built in 2012, it was 94 percent leased at the time of sale.
All four properties had existing loans in place that Southwood has assumed.
Southwood owns and manages more than 80 apartment communities across Georgia and the Carolinas. Ardmore is active across the Southeast.
— Kristin Hiller