Downtown Columbia apartments sell for $17.45 million

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A 113-unit apartment property in downtown Columbia has sold for $17.45 million.

Land Bank Lofts, located at 1401 Hampton St., was purchased by Xsite Capital Investment LLC. Drew Babcock, an investment specialist in commercial real estate brokerage firm Marcus & Millichap’s Columbia office, marketed the property on behalf of its seller, Heritage Land and Development LLC.

The 2.2-acre property features a mix of studio and one- and two-bedroom apartments. Each unit includes an open floor plan with high ceilings, stainless steel appliances, quartz countertops and stackable washer and dryer sets. Amenities include a pool, a business center and on-site surface parking.

“The downtown Columbia rental market demands some of the highest rent in South Carolina,” Babcock said in a news release. “The seller did a tremendous job in renovating Land Bank Lofts and offering its residents the best surface parking in downtown Columbia, which will be a huge asset in the future/

“We were able to generate interest in this property from all over the country and even attracted investors based overseas. The demand for multifamily properties in South Carolina has never been higher.”