Marcus & Millichap brokers $3.1M sale of Chester apartments

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Marcus & Millichap ushered through the sale of Chester Village Apartments, a 75-unit multifamily community located in the town of Chester, for $3.1 million.

The transaction came to $41,333 per unit.

Drew Babcock and Isabella Benucci, investment specialists in the firm’s Columbia office, had the exclusive listing to market the property on behalf of the Colorado-based seller, and they found the buyer, Charlotte-based Ridgewood Chester LLC, according to a news release. The team generated multiple competing offers from local, regional and national buyers, including investors based in Massachusetts and Rhode Island, the release stated.

“The I-77 corridor between Charlotte and Columbia has seen significant job growth in recent years,” Babcock said in the release. “That trend will continue with the Scout Motors opening in Blythewood.”

Chester Village Apartments is located at 200 York St. in Chester. Built in 1960 on 7.33 acres of land, the property features exclusively two-bedrooom, one-bath floor plans.

“There is a real need for workforce housing in this area, and that’s exactly what an asset like Chester Village Apartments offers,” Benucci said in the release.

The Scout Motors development, a new auto manufacturing plant in Richland County, is only 40 minutes away and is expected to bring 4,000 new jobs to the area.