Paces Brook is a 260-unit workforce housing community located in Columbia, South Carolina. The site is embedded in one of the largest retail corridors, Harbinson Boulevard, and positions residents near the top employment centers in the area and within a submarket with average household incomes over $80K. Columbia is the state capital of South Carolina, and Paces Brook is located only 8 miles from Downtown Columbia and boasts over 80,000 government jobs and 9,000 jobs associated with the University of South Carolina. In addition, Palmetto Health (9000 jobs), Verizon Wireless (1,350 jobs), Westinghouse Electric (1100 jobs) and Colonial Life (1100 jobs) provide a stable base of employment for the regional area.
Paces Brook was completed in 1990 and consists of 12 three-story resident buildings and one clubhouse. The property offers one-, two-, and three-bedroom floor plans ranging from 629 square feet to 1,229 square feet. The site consists of 12.71 acres with a low density layout adjacent to Interstate 126 which provides immediate access to all areas of the city. The community amenity package includes: Clubhouse, business center, car care center, fitness center, Gazebo, picnic/grilling stations, clothes care facility, pet park, children’s playground, lighted tennis court, and one walking/jogging trail. Interior unit amenities include: Black or SS appliances, ceiling fans, ceramic tile and tub surrounds, exterior storage closets, walk-in closets, fully equipped kitchens, and kitchen pantries. Select units have additional features including: wood-style laminate flooring, dining areas, W/D connections microwave ovens, fireplaces, and vaulted ceilings.
Paces Brook was acquired by ApexOne Multifamily Fund III and will be held in portfolio for long term growth and appreciation after the completion of the initial value-add renovation program. Balfour Beatty Communities assumed management services at closing.