The latest, but not last acquisition of 2021 by MultiVersity Housing Partners ("MVHP") is the acquisition of The Orchard Columbia. The Orchard Columbia is an 84-unit, 308-bed student housing property located less than one mile from The University of South Carolina. The Orchard Columbia is a highly reputable asset within the submarket and is an exceptional addition to MVHP's student housing portfolio. MVHP's property management arm, MultiVersity Property Management ("MVPM"), will be overseeing the management and planned improvements at the subject property.
The Orchard Columbia is comprised of 84 cottage-style units spread across 8.05 acres. The unit mix consists of 28 three-bedroom units and 56 four-bedroom units each suited with bed-bath parity. The Orchard Columbia was constructed in three phases between 2015 to 2018 and is outfitted with modern upscale features that include concrete and hardwood flooring, expansive kitchens, granite countertops, stainless steel appliances, and 48" screen TVs.
Community amenities include a pool, clubhouse, fitness center, individual security systems, and private parking. The Orchard Columbia is seated in a prime location, 0.9 miles from campus and 0.6 miles from Williams-Brice Stadium. The competitive location, amenities, and cottage-style product has enabled the property to achieve full occupancy for the 2021-2022 lease term, and is now 100% preleased for the 2022-2023 school year.
MultiVersity Property Management will bring their boutique-style approach and expertise in property management to operate this property more efficiently. MVPM will be adding an outdoor LED screen near the pool to display the latest Gamecock sporting events. Additionally, upgrades will be performed to the clubhouse, pool furniture, and fitness equipment. Furthermore, the cable and internet package will be enhanced along with improved security measures. These improvements will take place throughout the remaining school year and will be available to residents starting in August 2022.
MultiVersity is excited to be back in the Columbia market with such an outstanding asset, Orchard Columbia is the only cottage style product within a mile from campus, setting it apart from the competition. MVPM's planned upgrades will further set Orchard apart from the competition making it the premier choice for USC students."
Principal of MVHP, Anthony Magnelli
MultiVersity Property Management ("MVPM") is the property management division of MultiVersity Housing Partners ("MVHP"). MVPM's mission is to become the recognized leader in its targeted markets for property management services. MVHP is seeking market-rate apartment, workforce housing, and purpose-built student housing acquisitions throughout the Mid-Atlantic, Midwest, and Southeastern U.S. The guiding principle of MVPM is to treat each property as its own individual business first and foremost.
MVPM operates with a total focus on its portfolio of managed properties (both owned and third-party) and on its owners/customers. MVPM provides a number of services that fit the needs of today's conventional and student housing residents, while at the same time focusing on owner requirements and expectations.
Christopher Feeley, CEO and Managing Member of both MVHP and MVPM, would like to thank the following for assisting in the closing of this acquisition: Dan Kearns of JLL, the Hunt Realty Team with special thanks to Steve Gordon, Milan Parekh and his team at EM 163, and the senior lender.