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Tennessee firm buys northeast Richland apartment complex


Staff Report
Published June 14, 2013

A Nashville, Tenn.-based firm has purchased the Preserve at Spears Creek, a 240-unit apartment community near Elgin.

A Tennessee firm has purchased the Preserve at Spears Creek, a 240-unit apartment community  near Elgin. (Photo/Provided)
A Tennessee firm has purchased the Preserve at Spears Creek, a 240-unit apartment community near Elgin. (Photo/Provided)
The complex at 325 Spears Creek Church Road, near the Interstate 20 interchange, is the third apartment community Carter-Haston Holdings has acquired in the Columbia area.

The firm also owns Water’s Edge near Irmo and Pavilion Towers, at Huger Street and Elmwood Avenue. Additionally, Carter-Haston has apartment communities at Hilton Head Island, Mount Pleasant, North Charleston, Simpsonville and Summerville.

Colliers International Atlanta represented the seller, Spears Creek Partners LLC, in the transaction.

Purchase price of the complex, built in 2008, was not announced. The Richland County Assessor’s office listed the property’s taxable value at $13.9 million.

The Spears Creek property, formerly known as Villas at Spears Creek, offers one-, two- and three-bedroom floor plans and amenities such as a swimming pool, fitness center, computer lounge and media room.

Carter-Haston, founded in 1987, also owns properties in Alabama, Florida, Georgia, Missouri, North Carolina and Tennessee. It maintains regional offices in Atlanta and Tampa, Fla.

All of Carter-Haston’s communities are owned by single-asset limited partnerships and are typically leveraged with conventional mortgage financing, according to the firm’s website.

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