Crown Bay Group Acquires 280 Unit Apartment Community in Columbia, South Carolina
(5 months ago)
COLUMBIA, S.C: Atlanta based Crown Bay Group LLC and its partner Vantage Capital Group are pleased to announce their acquisition of Lake Shore Village Apartments in Columbia, SC. The property was recently annexed into the City of Columbia boundary.
The garden style property is located on Garners Ferry Road, a major south-east artery which enjoys a highly accessible location with frontage on Garners Ferry, just minutes from I-77 (1.25 mi.). It is comprised of 280 units spread over 23 acres, that also includes a beautiful lake frontage. The new owners intend to complete a full deferred maintenance program including new roofs. Other improvements will include an interior upgrade package with new modern lighting, flooring, kitchen cabinets and black appliances that will take place over the next 24 months. In addition to renovating the units, a washer-dryer rental program will be put in place and a large outdoor tenant amenity area will be created to include a new playground, barbeque/picnic area and pavilion with the goal of upgrading Lake Shore's image to attract tenants and increase occupancy.
The property benefits from an outstanding location, not far from downtown Columbia and close to Fort Jackson, one of the most important Army bases in the country with 50,000 soldiers graduating every year. Giant online retailer Amazon is already an important presence in the area with over 1,500 employees in Columbia and they recently announced the addition of 500 jobs.
Crown Bay Group and Vantage Capital are bullish about the Columbia market, and more acquisitions are being planned there. The South East markets are experiencing a high growth period which should carry on for the foreseeable future with its employment growth and increase in population.
"This is another great acquisition for our investors," says Steve Firestone. "Our focus is on buying at the right price and adding value, and at the same time offering great service to our tenants."
The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group.
Crown Bay Group is a privately held acquisition and asset management company. Based in Atlanta, it focuses on the multifamily market. It provides above average returns to its partners and investors through a meticulously planned value-add program.
Vantage Capital Group is a commercial real estate investment and turnaround company based in Los Angeles, CA. The company invests mainly in apartment buildings in the South East with a particular attention to the visual presentation of the finished product, bringing maximum return to its investors.