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Jan. 21, 2020

Balfour Beatty Communities acquires 530 units in two-property multifamily deal

Balfour Beatty Communities acquires 530 units in two-property multifamily deal

Balfour Beatty Communities announced today that it has acquired the Paces Brook apartment community located at 113 Paces Brook in Columbia, SC and Retreat at Schillinger, an apartment community located at 1313 Schillinger Road South in Mobile, AL, adding 530 units to Balfour Beatty’s multifamily portfolio. The purchase was completed in partnership with ApexOne Investment Partners.

Recently rebranded as Avenue at Harbison, the 12-acre Paces Brook community is comprised of 260 units built in 1990 and configured in one-, two- and three-bedroom layouts. The 12 residential buildings sit on 12.71 acres that also accommodate the community’s clubhouse, leasing office, laundry facility and maintenance shop and extensive amenities including resort-style pool, fitness center, tennis court, car care center and dog park, as well as direct access to the 10-mile Harbison Walking Trail.

Situated in the Harbison Boulevard area, one of Columbia’s largest retail corridors, Avenue at Harbison sits just 11 miles from Downtown Columbia and offers immediate access to top area employers, including Palmetto Health, University of South Carolina, Amazon and Blue Cross/Blue Shield of South Carolina.

Built in 2010, Retreat at Schillinger offers 270 units featuring one-, two- and three-bedroom floor plans and ample amenities including a fitness center, pool and sundeck, dog park and movie theater.

Retreat at Schillinger’s three residential buildings and clubhouse sit on 14.64 acres ideally located in the attractive West Mobile submarket, approximately 12 miles from Downtown Mobile. The area features top-ranked schools, key economic drivers including Providence Hospital, University of South Alabama and Mobile Regional Airport, and more than 1.5 million square feet of quality retail within a 2-mile radius.

Renovation plans for both properties are scheduled to commence immediately and will include improvements to landscaping and exteriors, upgraded amenity packages, and interior renovations to further modernize and enhance kitchens, lighting and flooring.

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