A joint venture between Landmark Properties and Peninsula Investments has opened Narrative at Columbia, an 826-bed student housing community in Columbia, S.C. The property serving the University of South Carolina has welcomed its first residents.
The partnership broke ground on the 197-unit student housing development in July last year and acquired the 67-acre site a month prior. The developer took out a $58.2 million construction loan from First-Citizens Bank & Trust Co., set to mature in 2028, according to Yardi Matrix information.
Partners on the project include designer E + E Architecture and general contractor Landmark Construction, along with HPA Design Group, which provided interior design services.
The cottage-style community is at 1050 Idlewild Blvd., close to the University of South Carolina’s main campus and 3 miles from the city’s downtown. The property is also close to Williams-Brice Stadium and 12 miles from Columbia Metropolitan Airport.
Narrative at Columbia comprises 64 two- and three-story buildings. The unit mix consists of two- to six-bedroom floorplans ranging between 1,292 and 2,304 square feet. The fully furnished apartments also have private balconies or patios.
Common-area amenities include a fitness center, clubhouse, business center, volleyball court, swimming pool with sundeck, as well as a Jumbotron. The community also has a sports simulator, fire pits, outdoor grilling stations, cabanas and hammocks, study spaces and a computer lab.
The University of South Carolina reached an 85 percent preleasing rate as of May, according to a recent Yardi Matrix student housing report, up 2.1 percent year-over-year. Rent per bed also increased 4.3 percent from the same period last year. However, the average rent growth for the leasing season remained negative, at -9.2 percent.
Landmark’s recent southeastern activity
Landmark Properties’ portfolio comprises $14 million in assets under management, including more than 115 residential communities and 72,000 beds. The company also has 23 student and multifamily projects under construction or near-term start.