“Columbia is a market in which The Beach Co. has owned and operated communities for over three decades,” said Leonard Way, BREF’s senior vice president and fund manager, in a news release. “BREF is excited to close out our flagship acquisition fund with the purchase of Waters Edge, further expanding The Beach Co.’s footprint in our state’s capital and building upon our southeast portfolio.”
Built in 1996, Waters Edge at Harbison offers one-, two- and three-bedroom floorplans in 10 residential buildings on 14 acres. Residents have ample space and connectivity to the lake and area’s trail systems. Floorplans range from 715- to 1,350-square-feet with an average unit size of 1,025-square-feet.
“Current ownership did a great job preparing the asset for the next phase of improvements, particularly the unit interiors,” Ward McCarthy, asset management manager at BREF, said in the release.
The company plans to renovate unit interiors with updates including stainless steel appliances and granite and quartz countertops,
This transaction represents the final acquisition for the Beach Investment Fund, providing investors with a diverse portfolio spread across high-growth markets in the Southeast. Northmarq’s John Currin, Andrea Howard and Jeff Glen facilitated the sale on behalf of the seller. Connor Locke and Cliff Ayers placed the debt on behalf of Walker and Dunlop’s Coleman-Butler team. BREF’s Darby Parker and Niko LeVigne facilitated the acquisition on behalf of the buyer.