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Arizona group acquires 3 Midlands apartment complexes for $30.35M

Real Estate - Residential
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Three Midlands apartment complexes have been sold to an Arizona-based investment group for $30.35 million, according to NAI Earle Furman.

The three-property portfolio of Hunter’s Ridge Apartments, 107 Springhouse Drive; Copperfield Apartments, 200 Saluda River Road, both in Columbia; and Park Place Apartments, 1035 Comanchee Trail, West Columbia; contains 625 units built in the 1970s, the Greenville real estate firm said in a press release.

The complexes were fully occupied on the date of sale, NAI Earle Furman added.

The apartment communities were purchased by Sante Realty Investments of Tempe, Ariz.

“While some markets are starting to experience peak pricing, Columbia is a great example of a location where upside still remains," said Kay Hill, a NAI Earle Furman Multifamily Division broker and shareholder. “Sante Realty plans to put a capital improvement plan in place and hold these assets for the long-term."

Hill, along with Tony Bonitati and Bern DuPree of NAI Earle Furman, represented the seller, Simpsonville-based Upstate Property Rentals, in the transaction.

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