Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBIA, SC-Cottonwood Realty has acquired the 228-unit Arbors at Windsor Lake apartment complex at 8720 Windsor Lake Blvd. for just over $14 million.

The two-story property includes a pool, tennis courts and community clubhouse. The seller was New York City-based Sterling American Property, which acquired the property in 2004 as part of the SAP IV Fund. Sterling American Property senior vice president Mel Mayers handled the transaction.

Mayers tells GlobeSt.com the property was acquired as a value-add opportunity. Immediately after the acquisition, the company invested in a number of capital improvements and upgrades, including the installation of new roofs and the renovation of the clubhouse with the addition of a fitness center and Internet café.

“We had made the improvements necessary to increase rents,” says Mayers of the sale. “We’re not long-term holders of properties. Our typical hold period is three to six years.”

Cottonwood acquired the property because of perceived upside potential. “South Carolina continues to be a strong residential market in the Southeast, making it an ideal investment for Cottonwood,” Mayers says.

Mayers adds that the company will continue to invest in properties in the Southeast. The company is nearing completion of acquisitions under its fifth fund and anticipates creating a sixth fund in the coming months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.