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Texas-based real estate firm purchases 240-unit student housing complex in Columbia

Christina Lee Knauss //April 6, 2023//

Texas-based real estate firm purchases 240-unit student housing complex in Columbia

Christina Lee Knauss //April 6, 2023//

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A Texas-based private real estate investment and development firm recently purchased a 240-unit student housing complex in Columbia.

Dallas-based RREAF Holdings has acquired Rivers Edge at Carolina Stadium, which houses students from the University of South Carolina.

RREAF Construction Services (RCS) will oversee all capital expenditure plans and renovations for the complex, according to a news release. Financial details of the acquisition were not announced.

The complex, which was built in 1996, features 240 units and 486 beds on 20.87 acres of land and is the company’s latest addition to its housing portfolio, according to a news release. Rivers Edge is located in the Greek Village area near the university.

Renovations will focus on interior units, amenities and building exteriors, according to the release. Upgrades will include new flooring, kitchen cabinets, appliances, plumbing fixtures, new efficiency lights and a two-color paint pattern. Amenities will include dog runs, upgraded basketball, volleyball and pickleball courts and additional walking path lighting.

RREAF, which has more than $5 billion in assets, has most of its investments in the multifamily housing sector, but started adding student housing complexes in recent years.

“Universities continue to see increased enrollment, so student housing is still in high demand,” said Graham Sowden, chief investment officer at RREAF. “Students want to live somewhere that feels like home, and Rivers Edge delivers that to its residents.”

Sowden said the property will be managed by RREAF’s property management wing RREAF Residential.

RREAF Construction Services will oversee all capital expenditure plans and renovations for the complex, which was built in 1996.

This is RREAF’s first venture into the Columbia market. The company has owned multifamily housing in the Spartanburg market and currently owns the Cambria Hotel Charleston Riverview in Charleston.

Renovations are expected to be complete between late 2026 and early 2027.

 

 

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