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| The Grove at St. Andrews is a 622-unit, value-add apartment community in Columbia, SC |
WASHINGTON DC – JLL announces it has secured $28.33 million in acquisition financing for The Grove at St. Andrews, a 622-unit, value-add apartment community in Columbia, South Carolina.
JLL worked exclusively on behalf of the borrower, Brick Lane and Enterprise Community Investment, Inc., to arrange the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
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| Jamie Leachman |
The Grove at St. Andrews is located at 716 Zimalcrest Drive approximately six miles from downtown Columbia and immediately northeast of the Interstate 20/26 interchange.
The property consists of a mixture of studio, one- and two-bedroom units ranging from 490 to 862 square feet.
Community amenities include a swimming pool, sports court, grilling area, fitness center, coffee bar and dog park.
Built in phases from 1977 to 1984, Brick Lane and Enterprise plan to complete interior and common area upgrades to the property, including the addition of in-unit washers and dryers in some units, washer/dryer connections in others and enhancements to the pool and greenspaces. The Grove at St. Andrews was nearly 93% occupied at closing.
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| Evan Parker |
The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman and Director Evan Parker.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
Contact:
Olivia Hennessey, JLL Public Relations Specialist
Phone: +1 713 852 3403
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