Companion at the Palms 1155 Clemson Frontage Rd 240 Unit Apartment Building For Sale Columbia, SC 29229
INVESTMENT HIGHLIGHTS
- Meticulously maintained 240 unit, 2008 construction complex offered below replacement cost in the fast-growing Wildwood submarket of NE Columbia
- With only 2 owners since construction, the property is a blank canvas for a value-add investor, with all original fixtures and finishes in all units
- Current ownership is a non-profit foundation and is not currently taxed. Certain household limits apply to a percentage of current residents
- Day one opportunity to raise rents on average $150/unit without any systematic upgrades to bring property in-line with the market.
- Affluent submarket with a new Publix Shopping Center being constructed less than a mile away and the average area median income of $100,000+.
EXECUTIVE SUMMARY
Companion at the Palms offers investors the opportunity to acquire a truly unique garden-style multifamily asset in
the booming Northeast section of South Carolina’s capital, Columbia. Constructed in 2008 by Blue Ridge Companies, this 2 owner 240-unit
complex offers an ideal mix of one, two, and three-bedroom floor plans all still with their original finishes. The units average 1,062 sf providing some of the largest floorplans in the surrounding comparable properties. The property has a superior location in the Wildewood submarket, one of Columbia’s most sought-after neighborhoods and is best known for housing several golf courses and the Sesquicentennial State Park, which offers kayaking, trails, and a dog park. With an award-winning school district and plenty of restaurants and stores nearby, the area boasts strong demographics, most notably an average area median income of over $100,000. Residents have access to U.S. Route 1 and Interstate 20 and 77 so they can travel throughout the metro area with ease. The property is also near the Sandhill Research and Education Center, a great option for employees who want to be close to campus. The high-quality design, affluent submarket with many employers nearby, and opportunity to renovate the original interiors to a finish level on par with new construction, all combine to offer a unique opportunity sure to achieve outsized returns for new ownership.
the booming Northeast section of South Carolina’s capital, Columbia. Constructed in 2008 by Blue Ridge Companies, this 2 owner 240-unit
complex offers an ideal mix of one, two, and three-bedroom floor plans all still with their original finishes. The units average 1,062 sf providing some of the largest floorplans in the surrounding comparable properties. The property has a superior location in the Wildewood submarket, one of Columbia’s most sought-after neighborhoods and is best known for housing several golf courses and the Sesquicentennial State Park, which offers kayaking, trails, and a dog park. With an award-winning school district and plenty of restaurants and stores nearby, the area boasts strong demographics, most notably an average area median income of over $100,000. Residents have access to U.S. Route 1 and Interstate 20 and 77 so they can travel throughout the metro area with ease. The property is also near the Sandhill Research and Education Center, a great option for employees who want to be close to campus. The high-quality design, affluent submarket with many employers nearby, and opportunity to renovate the original interiors to a finish level on par with new construction, all combine to offer a unique opportunity sure to achieve outsized returns for new ownership.
PROPERTY FACTS Under Contract
| Sale Type | Investment |
| No. Units | 240 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 22.84 AC |
| Building Size | 299,353 SF |
| Average Occupancy | 99% |
| No. Stories | 3 |
| Year Built | 2008 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | GC - Commercial commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Microwave
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Security System
- Ceiling Fans
- Ice Maker
- Refrigerator
- Oven
- Tub/Shower
- Sunroom
- Wi-Fi
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Business Center
- Fitness Center
- Laundry Facilities
- Picnic Area
- Playground
- Pool
- Breakfast/Coffee Concierge
- Car Wash Area
- Grill
- Laundry Service
- Media Center/Movie Theatre
- Volleyball Court
- Wi-Fi
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 60 | - | 756 - 856 |
| 2+2 | 120 | - | 1,023 - 1,170 |
| 3+2 | 60 | - | 1,249 - 1,317 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $16,671,400 | |
| Land Assessment | $803,400 | Total Assessment | $18,156,000 |
