RREAF Holdings purchases 486-Bed PBSA in South Carolina
|20 March, 2023
RREAF Holdings has purchased River's Edge at Carolina Stadium, a 240-unit PBSA in South Carolina near South Carolina University in the Greek Village. This student housing complex is strategically located, being at a 1.5-mile distance from the previously mentioned campus, a 2-mile stretch from the city's downtown, and at walking distance from various entertainment complexes, including the Founders stadium.
This 1996-built Rivers Edge at Carolina Stadium spans over ten buildings and already hosts 486 beds and 240 units. The property has various features, including access to a gym and clubhouse, a basketball court, a computer lab with printing services, lounges, a pool, study areas, a volleyball court, an outdoor kitchen, and more.
The apartments available are one, two, and three-bedroom apartments with balconies, the option to have them furnished, dishwashers, a study area, appliances, a washer and dryer, and more amenities. These buildings typically range from 564 to 1,182 square feet.
RREAF Holdings has been in business for 35 years, with a growing team of over 500 people. Initially founded in Dallas, Texas, RREAF Holdings is a commercial real estate company that operates in over 15 states and has over 5 billion dollars in assets. Some of its residential projects include resorts and housing for individuals and families.RREAF Holdings received the Multifamily Operator of The Year Award in 2021 and was designated an Optigo Select Sponsor in 2022.
As stated by Graham Sowden, CIO of RREAF Holdings stated, the company has been recently trying to expand when it comes to the student housing sector as it is a crucial housing sector, especially since universities need to keep up with the growing demand for student housing and enrollments as a whole. Rivers Edge at Carolina Stadium is an essential acquisition for the company and an important step in furthering the company's expansion in the student housing sector.
As part of the acquisition, RREAF Holdings will undergo a series of renovations on the 20.9-acre student village. These renovations will follow a series of development phases, with the first phase focusing on internal development, then building exteriors, and lastly, a focus on the amenities. Regarding internal development, the company will focus on changing the old flooring, kitchens, lights, plumbing, and appliances to match modern standards and modern PBSAs. This internal development will be part of a demonstration covering 40% of the units; following this, the exterior of the buildings will follow a two colour-pattern which matches up with many modern PBSAs. Multiple amenities will be upgraded, and some will be added, including upgrading the basketball, pickleball, and volleyball courts and adding new lighting on the walking path. The final result will be expected by late 2026 to early 2027.