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Holder Properties sells Aspyre student housing community

Real Estate - Residential
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Holder Properties has sold the 400-unit, 760-bed Aspyre at Assembly Station student housing complex in downtown Columbia to New York-based Castlerock Enterprises, according to a press release issued by Atlanta-based ARA Newmark.

The sales price was not disclosed.

Holder Properties has sold the 400-unit Aspyre student housing community to New York-based Castlerock Enterprises for an undisclosed price.  (Photo/Provided)At the time of the sale, Holder said Aspyre was 97% occupied.

“Aspyre is a tremendous asset near USC’s engineering school,” said Ryan Lang, ARA Newmark’s executive director who represented Holder in the sale. “Many private and institutional investors pursued the asset, but Castlerock was an ideal fit based on its acquisition criteria, strategic outlook and ability to close in a timely manner.”

Castlerock specializes in acquisitions, development and repositioning opportunities.

Holder built the 440,000-square-foot complex in 2009 at Assembly and Whaley streets near the University of South Carolina campus for $45.1 million. At the time, most student housing projects were being built in the unincorporated areas of southeastern Richland County, near Williams-Brice Stadium.

In August of 2015, Columbia officials were considering a proposal to give Aspyre a 50% property tax break for 10 years, matching an incentive the city had offered to new construction of student housing projects. The break would have saved the property owner about $500,000 a year, according to reports.

However, while the break was being mulled, the city learned the property was for sale.

Aspyre is a mid-rise student community that offers one-, two- and three-bedroom apartments with a variety of floor plans. A “Best Apartment Community” award winner, the property’s amenities include a resort-style pool with a beach area and grills, clubroom and bar area with Wii and PlayStation, a Zen courtyard with putting green and 24-hour fitness center.

Holder has developed several projects in Columbia, including the 584-unit 650 Lincoln student housing complex near Carolina Coliseum and the Innovation Center, a five-story, 110,000-square-foot, Class A multi-tenant office building at the corner of Assembly and Blossom streets.

Other properties in Holder’s Columbia portfolio are Adesso luxury apartments near the USC campus and the Main & Gervais and Meridian office towers on Main Street.

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