San Diego-based The Hampstead Cos. has acquired two apartment properties in Columbia, S.C., totaling 388 units for approximately $10.1 million.
A statement from the development and investment firm said Hampstead plans an $18 million renovation of the two properties, the 188-unit Columbia Garden Apartments and 200-unit Willow Run, set to begin this month. The company has been adding to its Southeastern U.S. holdings since 2014 and previously acquired three other South Carolina apartment properties, totaling 400 units.
Renovations to the newly purchased properties will include upgrades to apartment units and landscaping, geared toward energy and water-use efficiency, and construction of new management and community buildings.
The seller in the recent transaction was Herrick & Co. of Telluride, Colo.
The Hampstead Cos. has its headquarters in downtown San Diego, with offices in Bethesda, Md., and Charleston, S.C. The firm specializes in transactions related to community redevelopment, with a national portfolio of 34 properties totaling 4,278 residential units.
