West Shore Arcadia buys 204-unit apartment community located in Columbia, S.C.

Estates & Cos. has sold Arcadia’s Edge, a 204-unit apartment community located in Columbia, S.C. West Shore Arcadia acquired the property.

The sales price was not disclosed.

“As an award-winning and green-certified community in Columbia, Arcadia’s Edge offered a class A asset with market-leading finishes in an ideally located northeast submarket surrounded by employment and retail, primed for organic growth,” said Jordan McCarley of Cushman & Wakefield, which represented the seller.

As one of only two properties in a three-mile radius delivered later than 2010, Arcadia’s Edge was a 2012 recipient of the Multi-Housing News “Silver” award for new developments and was also South Carolina’s first community to be “Green-Certified” by the National Association of Home Builders. Amenities include a community garden, fitness center with spin bikes, a stocked pond and salt-water swimming pool.

“Columbia’s easing development and steady growth created an opportunity for the sponsor to obtain an institutional-level asset with considerable income upside,” said Charles Foschini, senior managing director at Berkadia, which arranged $201 million in acquisition financing. “The shortage of surrounding class A assets also positions the property for further growth with market-leading features and amenities.”