Balfour Beatty Communities acquires 530 residential units in multifamily property deal
22 January 2020
Balfour Beatty Communities, a leading residential real estate investment and management company in the US, has successfully completed the acquisition of two residential community developments; Paces Brook in Columbia, South Carolina and Retreat at Schillinger in Mobile, Alabama. This acquisition adds a total of 530 units to Balfour Beatty’s multifamily portfolio. The purchase was completed in partnership with ApexOne Investment Partners.
Paces Brook, recently rebranded as Avenue at Harbison, is a 12-acre community in South Carolina, comprised of 260 units, configured in one to three-bedroom layouts. The 12 residential buildings also accommodate amenities such as the community’s clubhouse, resort-style pool and fitness center. The property is located 11 miles from Downtown Columbia which is a large retail hub and location for top employers.
Retreat at Schillinger’s 270 units feature one to three-bedroom floor plans and facilities including fitness centre, cinema and dog park. Made up of three residential buildings, the development sits on over 14 acres of land, located in the desirable West Mobile, Alabama with easy access to top-ranked schools and the regional airport.
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 kitchen, lights and flooring.
Source: Balfour Beatty