COLUMBIA, SC. A subsidiary of The Scion Group, in partnership with a private equity fund managed by Real Estate Capital Partners, has acquired a 206-unit student housing community serving the University of South Carolina. The partnership will invest over $1.5 million in improvements to the 700-bed property, known as “Riverside.”
Located approximately one mile from the University’s Columbia campus, the property is located just across the Congaree River in Cayce, South Carolina and adjacent to the University’s Innovista research district. Riverside features a mix of two- and four-bedroom apartments in 17 buildings, originally constructed in 1993 and 1999. Scion acquired the property from American Campus Communities with assumed debt financing and nearly $5 million in private equity from its investment partner and self-syndicated investors. The prior ownership completed renovations to all building exteriors, grounds and the property’s clubhouse. Scion will upgrade apartment interiors with new flooring, lighting, furniture and appliances and will also add community-wide wireless Internet and a shuttle bus to campus. Scion will provide construction management and property management, applying its marketing and operations skills to reposition Riverside as stylish, feature-rich and competitively priced.
Real Estate Capital Partners (recp.com) seeks to create superior risk-adjusted returns and has invested approximately $8 billion in U.S. real estate on behalf of high net worth families and institutions – including multifamily, office, industrial, retail and mixed-use properties.
The University of South Carolina’s flagship Columbia campus, with a 200-year history, enrolls nearly 28,000 students in 14 degree-granting colleges and schools offering over 350 degree programs. Centered in downtown Columbia, the University is expanding west toward the Congaree River in support of its research initiatives. The Innovista district currently encompasses six city blocks but is projected to grow to five million square feet, mixing public and private research buildings, residential units and commercial space.
Additional information about the property is available at riversidecolumbia.com .