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Cottonwood Realty Acquires 228 Units for $14M

COLUMBIA, SC-The seller was Sterling American Property, which acquired the property in 2004 as a value-add opportunity.

By Natalie Keith | Updated on February 15, 2008

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.

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