Institutional Property Advisors Closes Two Multifamily Property Sales in South Carolina
January 23, 2025
COLUMBIA, S.C., Jan. 23, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two multifamily assets in Columbia, South Carolina. The properties are Austin Woods, a 240-unit asset built in 1975 and Mallard Pointe, a 120-unit asset constructed in 1974.
“The properties present strong value-add opportunities, even in a challenging market,” said Drew Babcock, first vice president investments with Marcus & Millichap. “Our collaborative approach brought in multiple competitive offers that secured a successful outcome for the seller.” Babcock and Chez Eider of Marcus & Millichap, along with IPA’s Will Balthrope and Drew Garza represented the seller and procured the buyer. “Having negotiated the sale of these assets a few years ago, we were well positioned to help the seller strategically prepare them and navigate the market,” said Eider. “We assembled a team with local expertise and institutional reach, attracted multiple offers, and put the seller in a strong position to secure favorable terms.”
Austin Woods is a 20-acre, two- and three-story garden-style property with a swimming pool, tennis court and laundry facilities. The average unit size is 884 square feet. Mallard Pointe is a two-story garden-style asset on 11 acres with a private lake, swimming pool, playground, and tennis court. The average unit size is 1,050 square feet.
The properties are less than eight miles from Downtown Columbia and the University of South Carolina, two of the area’s largest employment centers. Additional nearby employers include the State of South Carolina, Prisma Health, BCBS of South Carolina, United Parcel Service, and Fort Jackson.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope. Ben Yelm, vice president and regional manager is Marcus & Millichap’s broker of record in South Carolina.
“The properties present strong value-add opportunities, even in a challenging market,” said Drew Babcock, first vice president investments with Marcus & Millichap. “Our collaborative approach brought in multiple competitive offers that secured a successful outcome for the seller.” Babcock and Chez Eider of Marcus & Millichap, along with IPA’s Will Balthrope and Drew Garza represented the seller and procured the buyer. “Having negotiated the sale of these assets a few years ago, we were well positioned to help the seller strategically prepare them and navigate the market,” said Eider. “We assembled a team with local expertise and institutional reach, attracted multiple offers, and put the seller in a strong position to secure favorable terms.”
Austin Woods is a 20-acre, two- and three-story garden-style property with a swimming pool, tennis court and laundry facilities. The average unit size is 884 square feet. Mallard Pointe is a two-story garden-style asset on 11 acres with a private lake, swimming pool, playground, and tennis court. The average unit size is 1,050 square feet.
The properties are less than eight miles from Downtown Columbia and the University of South Carolina, two of the area’s largest employment centers. Additional nearby employers include the State of South Carolina, Prisma Health, BCBS of South Carolina, United Parcel Service, and Fort Jackson.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope. Ben Yelm, vice president and regional manager is Marcus & Millichap’s broker of record in South Carolina.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.