An apartment complex off Broad River Road in Columbia will receive extensive upgrades as one of 10 multifamily properties around the Southeast that have been acquired by three real estate firms.
Broad River Trace, located at 551 Riverhill Circle, is part of a $500 million portfolio of multifamily properties acquired by Texas-based RREAF Holdings and Florida-based companies DLP Capital and 3650 REIT, according to a news release.
The portfolio is the trio’s third acquisition in less than a year and includes multifamily properties consisting of more than 2,744 units. Properties in Arkansas, Georgia, Indiana, Mississippi, North Carolina and Oklahoma are included in the acquisition.
The acquisition is designed to infuse capital into quality rental units at a time when South Carolina and the nation as a whole is experiencing a shortage of affordable options, according to the release.
“The affordable housing crisis pervades every state in the nation, making this multifamily transaction all the more significant,” said Don Wenner, founder and CEO Of DLP Capital. “Through our collaborative investment and our mission to keep these apartments affordable for the local workforce, we will impact hundreds of families who want to live where they work.”
The acquisition was spearheaded by RREAF and purchased from one seller. All of the apartment complexes are primarily in suburban-metro areas with no new multifamily supply within a five-mile radius of most of the properties, according to the release.
All of the properties were built between 1998 and 2012 and currently have a collective occupancy of 93%.
“The closing of the Southeast Multifamily Portfolio III marks a milestone for our firm for affordable, quality housing options to renters in the Southeast as RREAF continues our business plan of providing superior living options at an affordable price,” said Kip Sowden, CEO at RREAF Holdings.
In addition to equity capital provided by the three portfolio partners, financing was provided by Nathan Stone and Guy Griffith at Berkadia, a leading national investment sales advisor, mortgage banker and loan servicer with an office in Charleston.
RREAF Residential, the in-house property management company at RREAF, will take over property management at all of the sites, including Broad River Trace. Upgrades to property amenities will include electric vehicle charging stations, dog runs, pickleball courts and business centers with fiber optic cable. Updates to all properties will include pools, tennis courts, outdoor kitchens, entertainment packages, clubhouses and more efficient lighting, the release said.