Atlantans Exchange SoCar Apartment Community
- Jun 03, 2015
By Eliza Theiss, Associate Editor
Atlanta-based Wilkinson Group is growing in South Carolina, having purchased its fifth property in the Palmetto State. The 240-unit Legacy at Sandhill, located in the Pontiac-Elgin submarket is Wilkinson’s second metro Columbia asset. The company also owns the 260-unit Paces Run apartment community in Columbia’s Dentsville submarket, which was acquired less than a year ago for $12,19 million from CAPREIT, according to Yardi Matrix data.
The Class A Legacy at Sandhill was purchased for $22.9 million from Mesa Capital Partners of Atlanta, GA. The seller held the property for close to three years, selling it at a per-unit profit of $18,334. Mesa originally purchased Legacy for $18.5 million from Horizon Housing Partners. Colliers Southeast Multifamily Advisory Group’s Will Mathews, Ron Cameron, and Woody Moore represented Mesa Capital Partners in the sale. Wilkinson Real Estate Advisors will manage the property.
The property benefits from major street exposure. It is located on Two Notch Road/US 1, and proximity to high-end retail, and key area employers such as Bluechoice Heralthplan and Companion Property & Casualty. Legacy at Sandhill layouts one-, two- and three-bedroom units with an average size of 1,043 square feet. Average rents clock in at $961.
Image credits: Yardi Matrix