CROWN BAY GROUP ACQUIRES 280 UNIT APARTMENT COMMUNITY IN COLUMBIA SOUTH CAROLINA
COLUMBIA SC, November 17, 2017 /PRNewswire/ – Atlanta based Crown Bay Group LLC and its partner Vantage Capital Group are pleased to announce their acquisition of Lakeshore 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 with 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 maintence 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 of renovating the units, it will put in place a washer-dryer rental program already successfully implemented at some of the company's other properties, as well as creating a large outdoor tenant amenity area to include a new playground, barbeque/picnic area, and pavilion with the goal of upgrading Lake Shores 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 recently announced the addition of 500 jobs.
The two companies 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.