Exciting News for Columbia’s Student Housing Market!
Columbia, known for its vibrant college atmosphere and beautiful campus life, is experiencing a significant shift in its student housing market. Recently, the city was in the spotlight as part of a major refinancing deal worth $84.3 million aimed at enhancing student living spaces. The Miami-based real estate lender, BridgeInvest, which is making waves in this sector, has refocused its efforts to support student housing properties, including a noteworthy $30 million loan granted specifically for a property in Columbia named The Rowan.
What’s the Deal?
The refinancing primarily involved the stunning townhome-style property known as The Rowan, located at 1051 Southern Drive, right in the heart of Columbia’s “Stadium” submarket, which is only a stone’s throw away from Williams-Brice Stadium. The Rowan encompasses an impressive 24.18 acres and boasts 1,002 beds across 350 units. Most of these units are spacious three-story townhomes perfect for students seeking comfort.
Originally built between 2007 and 2008, this residence is cherished by students for its excellent amenities. Residents can enjoy a friendly clubhouse, a refreshing pool, and even shuttle services that transport them to the nearby University of South Carolina, which is conveniently just two miles away.
The Vision Behind The Renovations
After being purchased out of REO (Real Estate Owned) in 2019, the management team has worked hard to revamp this vibrant community. Significant renovations have taken place, focusing on interior updates, enhanced security, and continual exterior maintenance. It’s evident that the aim is to provide a safe and modern living experience for the thriving student population.
Managed by Asset Living, the target is to stabilize The Rowan over the next two pre-leasing seasons, specifically aiming for the 2025-26 or 2026-27 academic years. This ambitious plan reflects the rising demand for quality off-campus housing, despite the increasing enrollment numbers at local universities. With more students searching for better living situations, this property’s appeal is definitely on the rise!
Why Student Housing is Booming
So, what is driving this boom in student housing? Unlike traditional real estate investments, student housing enjoys a predictable cash flow due to pre-leasing trends, synchronized perfectly with the academic calendar. Moreover, these properties tend to stand resilient during economic ups and downs, making them particularly attractive to investors.
As universities struggle to accommodate all their students on campus, many young adults find themselves turning to off-campus options that provide better amenities and personal space. This transition marks a significant shift in how we think about student living—no longer just dorms, but a lifestyle.
The Future is Bright
Columbia’s housing market is evolving, and with investments like those in The Rowan, the future looks promising. The combination of increasing demand for modern student accommodations and institutions unable to meet the growing needs is setting the scene for a potentially profitable opportunity.
Investors, property managers, and students alike are feeling the positive effects of these changes. Whether you’re a future student searching for the perfect place to live or an investor keen on jumping into this trending market, Columbia’s student housing community is certainly one to keep an eye on!
