RREAF Holdings Acquires Columbia Student Housing Community
Olivia Bunescu, Multi-Housing News, 16 March 2023
Rivers Edge at Carolina Stadium last traded in 2016 for $30.5 million.
RREAF Holdings LLC has acquired Rivers Edge at Carolina Stadium, a 486-bed student housing community adjacent to the University of South Carolina in Columbia, S.C.
RPM Living sold the property, previously purchased in 2016 for $30.5 million, according to Yardi Matrix data.
Continuing its efforts to purchase and upgrade properties in the Sun Belt, RREAF Holdings plans major renovations at Rivers Edge, to be led by RREAF Construction Services.
Completed in 1996, the community spans 20.9 acres across 10 buildings and encompasses 240 units with one-, two- and three-bedroom floorplans, ranging from 564 to 1,182 square feet. The renovation plan includes upgrades to unit interiors, amenities and building exterior, including new flooring, kitchen appliances and cabinets. The company also plans to add efficiency lights, fix the plumbing and paint the units in a two-color palette.
Community amenities include a swimming pool, a clubhouse, a fitness center, a computer lab, a pet park, a game lounge and an outdoor kitchen. Renovation plans also call for upgraded basketball, pickleball and volleyball courts, the addition of dog runs and walking path lighting.
Located at 1 Catawba Circle in the Greek Village, the community is within 1.5 miles from the campus and some 2 miles from downtown Columbia. Founders Park stadium, as well as several dining and entertainment options, are within walking distance of the property.
USC – Columbia shows strong fundamentals
The University of South Carolina – Columbia is among the nation’s top academic institutions for student housing sales volume, reaching $136.7 million in 2022. Currently, 16 properties are serving students at the university, totaling 10,946 beds, Yardi Matrix data shows.
Some 678 beds will be added to the inventory this fall after the completion of The Standard at Columbia, a property developed by Landmark Properties and CRG. Three other prospective properties will add 1,510 beds to the pipeline, according to the same data provider.
This article originally appeared on Multi-Housing News