TSB Realty has been engaged by ownership to sell Saga Columbia, a 400-unit, 760-bed student housing property located 0.1 miles southwest of the University of South Carolina campus in Columbia, SC. Saga is a mid-rise community offering a mix of studio through three-bedroom apartments built in 2009. The property is 98% occupied for AY 24-25.
All units include hardwood-style floors, full-size washer and dryer, Energy Star appliances, complimentary Wi-Fi, private bathrooms, spacious walk-in closets, and are fully furnished. Community amenities include a luxury pool, poolside pavilion, grilling station, courtyard with zen garden, recreational clubhouse, fitness studio, academic lounge, and computer lab with free printing.
Future ownership has the opportunity to renovate all units and reposition the property. The unit renovations would generate rental premiums while maintaining a healthy discount to the infill competitive properties in the market. These renovations would include upgrading appliances, lighting, countertops, and repainting cabinets with the target per bed premium for renovated units being roughly ~$100 per bed.
The University of South Carolina is a large Public University that has over 38,500 total students enrolled. With only 8,789 on-campus beds, the off-campus housing fundamentals remain strong. In addition, the University boasts one of the strongest retention rates for first year students at just over 90%. USC received a record number of applicants for AY 2024-25 with over 52,700 applications submitted.
For more information about Saga Columbia, visit its Real Capital Markets listing or the contact the TSB Realty team directly.
