Ovation@3500

Situated in Columbia, South Carolina, the 226-unit Ovation@3500 apartment community was built in 1970. It is now undergoing Class A unit renovations, common area improvements, and infrastructure modernization that position it for high (95%) occupancy and 16% projected rent growth through 2026. Renovations are largely in the unit interiors. They are made as leases expire, enabling a minimal interruption of revenue, economies of scale, and relatively fast completion. Importantly, these capital improvements position the development well in Columbia (the state Capital). The local economy is anchored by recession-proof jobs in medicine, education, and government. These and other industries fuel high household income growth with strong white-collar jobs. Corporate headquarters expansions as well as new construction of commercial and civic spaces nearby make living in Lexington County and the broader Columbia metro attractive to white-collar workers. Local household income (HHI) is on a rapid, 12.8% growth trajectory. The local schools (Lexington-Richland District 5) receive an A+ rating by parents and teachers alike. Meanwhile, multi-family developments are a shrinking share of the available housing, with few new developments in the pipeline.