MultiVersity Housing Partners acquires 308-bed student housing community located 1 mile from University of South Carolina
COLUMBIA, SC – The latest, but not the last acquisition of 2021 by MultiVersity Housing Partners is the acquisition of The Orchard Columbia. Orchard Columbia is an 84-unit, 308-bed student residence located less than a mile from the University of South Carolina. The Orchard Columbia is a highly regarded asset in the submarket and is an exceptional addition to MVHP’s student housing portfolio. MVHP’s property management arm, MultiVersity Property Management, will oversee the management and planned improvements of the subject property.
Columbia Orchard is made up of 84 cottage-style units spread over 8.05 acres. The unit mix consists of 28 three-bedroom units and 56 four-bedroom units, each suitable for bed-bath parity. The Orchard Columbia was built in three phases between 2015 and 2018 and is equipped with modern upscale features including concrete and hardwood floors, expansive kitchens, granite counters, stainless steel appliances, and 48 “screen televisions.
Community amenities include a swimming pool, clubhouse, fitness center, individual security systems and private parking. Orchard Columbia enjoys a prime location, 1.5 km from campus and 1 km from Williams-Brice Stadium. The competitive location, amenities, and chalet-style product have enabled the property to achieve full occupancy for the 2021-2022 lease term, and are now 100% pre-published for the 2022-2023 school year. .
MultiVersity Property Management will bring its boutique style approach and property management expertise to operate this property more efficiently. MVPM will add an outdoor LED screen by the pool to display the latest sporting events from Gamecock. In addition, improvements will be made to the pavilion, pool furniture and fitness equipment. In addition, the cable and Internet package will be improved as well as improved security measures. These upgrades will take place throughout the remaining school year and will be available to residents from August 2022.
“MultiVersity is delighted to be back in the Columbia market with such an exceptional asset,” said Anthony Magnelli, Director of MVHP. “Orchard Columbia is the only cottage-style product within a mile of campus, which sets it apart from the competition. The upgrades planned by MVPM will allow Orchard to stand out even more from the competition, making it the first choice for USC students. “