Avenue at Harbison, formerly named Paces Brook, is a 260-unit workforce housing community located in Columbia, South Carolina. Residents enjoy the affluent location on Harbinson Boulevard, which is proximate to significant retail and employment centers. The average household income for the area is above $80K. Columbia is the state capital of South Carolina. Avenue at Harbison 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. Also, 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.
The property was completed in 1990 and consisted 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 city areas. 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: wood-style laminate flooring, dining areas, W/D connections, microwave ovens, fireplaces, and vaulted ceilings.
ApexOne Multifamily Fund III, LP purchased Avenue at Harbison and will hold long-term to capture growth and appreciation after completing an initial value-add renovation program. Balfour Beatty Communities assumed management services at closing.