Beach Real Estate Funds Announces the Acquisition of Waters Edge at Harbison Apartments
Beach Real Estate Funds, LLC (BREF), an affiliate of The Beach Company, has announced the acquisition of Waters Edge at Harbison, a 204-unit garden style multifamily community in the Harbison submarket of Columbia, South Carolina.
Waters Edge at Harbison is located northwest of downtown Columbia and is adjacent to the fast-growing town of Irmo, which provides easy access to both areas’ distinguished education, medical and retail offerings. Harbison additionally boasts the second-highest ranked public school district in the state and is located next to one of the premier elementary schools in the area.
“Columbia is a market in which The Beach Company has owned and operated communities for over three decades,” said Leonard Way, BREF’s senior vice president and fund manager. “BREF is excited to close out our flagship acquisition fund with the purchase of Waters Edge at Harbison, further expanding The Beach Company’s footprint in our state’s capital and building upon our southeast portfolio.”
Built in 1996, Waters Edge at Harbison offers one-, two-, and three-bedroom floorplans. Spanning 14 acres with 10 residential buildings, residents can enjoy ample space and connectivity to the lake and area’s trail systems. Floorplans range from 715-1,350 square feet with an average unit size of 1,025 square feet.
“Current ownership did a great job preparing the asset for the next phase of improvements, particularly the unit interiors,” said Ward McCarthy, asset management manager at BREF. “We plan to renovate the interiors with updates that will include stainless steel appliances and granite and quartz countertops, and we are confident the community will welcome the proposed renovation scope, especially when combined with a substantial lift to the already stout amenity set.”
“We are fortunate that The Beach Company has a deep and tenured understanding of the Columbia market,” said Darby Parker, BREF’s acquisitions manager. “We leaned on our area knowledge heavily in defining the sort of product we’d find attractive, and Waters Edge at Harbison hit nearly every metric. This should be a win for residents, investors and the team alike.”
This transaction represents the final acquisition for the Beach Investment Fund, providing investors with a diverse portfolio spread across high-growth markets in the Southeast. Northmarq’s John Currin, Andrea Howard, and Jeff Glen facilitated the sale on behalf of the seller. Connor Locke and Cliff Ayers placed the debt on behalf of Walker and Dunlop’s Coleman-Butler team. BREF’s Darby Parker and Niko LeVigne facilitated the acquisition on behalf of the buyer.
Based in Charleston, SC, Beach Real Estate Funds LLC, oversees the operations, management, and transactional activity of fund related assets. BREF acquires and operates multifamily assets in the Southeast U.S. and aims to implement clear, discernible strategies to improve operations, increase performance and ultimately create significant value for both residents and investors. To learn more, please visit www.beachrealestatefunds.com.
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