Published Feb. 26, 2013
SBV Communities of Kansas City, Mo., has purchased the 332-unit Quail Run Apartments in Columbia.
The company said that Quail Run, located near Fort Jackson, major highways and the University of South Carolina, represents the type of purchase SBV Communities believes will return solid value at limited risk.
SBV Communities closed the transaction Feb. 22. The purchase price was not disclosed.
"Columbia represents a fundamentally solid investment with significant upside potential at measured risk,” said Chris Thomson, director of multifamily acquisitions. “Occupancy rates have declined significantly since 2010 and rental rates have increased 3% during that time. 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."
SBV Communities was formed in 2009 to acquire and manage multifamily real estate properties. Its portfolio now includes assets in 15 markets.