Balfour Beatty Communities acquires 530 residential units in multifamily property deal
22 January 2020
Balfour Beatty Communities, a leading residential real estate investment and management company in the US, has successfully completed the acquisition of two residential community developments; Paces Brook in Columbia, South Carolina and Retreat at Schillinger in Mobile, Alabama. This acquisition adds a total of 530 units to Balfour Beatty’s multifamily portfolio. The purchase was completed in partnership with ApexOne Investment Partners.
Paces Brook, recently rebranded as Avenue at Harbison, is a 12-acre community in South Carolina, comprised of 260 units, configured in one to three-bedroom layouts. The 12 residential buildings also accommodate amenities such as the community’s clubhouse, resort-style pool and fitness center. The property is located 11 miles from Downtown Columbia which is a large retail hub and location for top employers.
Retreat at Schillinger’s 270 units feature one to three-bedroom floor plans and facilities including fitness centre, cinema and dog park. Made up of three residential buildings, the development sits on over 14 acres of land, located in the desirable West Mobile, Alabama with easy access to top-ranked schools and the regional airport.
Renovation plans for both properties are scheduled to commence immediately and will include improvements to landscaping and exteriors, upgraded amenity packages and interior renovations to further modernize and enhance kitchen, lights and flooring.
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Notes to editors:
- Balfour Beatty (balfourbeatty.com) is a leading international infrastructure group. With 26,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
- Our main geographies are the UK, US and Hong Kong. Over the last 110 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
- Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student and military housing sectors across the United States. Since its inception in 1999, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit com.
- Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc. and Balfour Beatty plc, a leading international infrastructure group.