SBV Communities Purchases Quail Run Apartments in South Carolina
SBV Communities today announced its purchase of 332-unit Quail Run Apartments in Columbia, South Carolina. The acquisition adds a fifteenth market to the owner and operator’s growing portfolio of multi-family apartment complexes. SBV Communities closed the transaction on February 22nd.
Columbia, South Carolina is the largest city in the state as well as its capital with a market population of almost 800,000 people. It is home to the state’s flagship university, The University of South Carolina. The city underwent a downtown revitalization effort over the past decade and continues to invest in its core. Columbia’s economy is anchored by a strong and stable employment base including government, healthcare, military and education. “Columbia represents a fundamentally solid investment with significant upside potential at measured risk. Occupancy rates have declined significantly since 2010 and rental rates have increased 3% during that time,” said SBV Chief Executive Officer Amit Raizada.
Other large employers include Honeywell, Westinghouse Electric, Trane and Bose Corporation. Quail Run, located just minutes from Ft. Jackson, major highways, and the University’s several campus buildings, represents the type of purchase SBV Communities believes will return solid value at limited risk.
“With rental demand expected to continue and new construction not projected to meet that demand for several years, we are extremely excited about the prospects for Quail Run,” said Chris Thomson, Director of Multi-Family Acquisitions.
About SBV Communities
SBV Communities was formed in 2009 to acquire and manage multi-family real estate properties. The company builds long-term value by focusing on lender-owned, B & C properties with strong value-add potential. SBV Communities’ portfolio includes assets in fourteen markets.
About Spectrum Business Ventures, Inc.
Founded in 2002, Spectrum Business Ventures, Inc. is a private firm based in Kansas City, Missouri providing family offices, high net worth and institutions unique, complex and compelling business opportunities to build long-term value at low risk. The company owns and operates entities in the United States, Central America and Europe in a wide range of industries.
For more information about SBV Communities or Spectrum Business Ventures, Inc. please visit www.sbv.com or call 816.268.1300.