Commercial real estate investment services firm Marcus & Millichap announced Tuesday the sale of Mallard Pointe Apartments in Columbia.
The 120-unit apartment property for $5 million, approximately $42,000 per unit according to Raj Ravi, regional manager of the firms North Carolina and South Carolina offices.
Drew Babcock, vice-president investments in Marcus & Millichap’s Columbia office sourced the buyer on behalf of the seller, a local limited liability company that has owned the property since the early 1990s. The buyer was an investment group based in New Jersey.
“Columbia remains a highly sought-after market from many out of state investment groups,” Babcock said. “Mallard Pointe is an example of many 1970s vintage properties that have traded over the last few years.”
The apartments are at 1101 Halbrook Drive, six miles from downtown Columbia. It is comprised of a mix of one-, two- and three-bedroom units on 11 acres of land. It also benefits from its proximity to the new $300 million Jushi manufacturing plant that’s under construction at Pineview Industrial Park.
“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.”