Abacus Announces New Garden-Style Multifamily Start

Abacus Capital, with joint venture partners South Coast Property Investments and Parse Capital, is pleased to announce the acquisition of an 18.8-acre land assemblage that is part of the Burnside Farms community in Columbia, SC.

Concurrent with land closing the partners announced a new garden-style multifamily project on the site that will break ground in May 2024.
“Burnside Farms Apartments will be purpose-built essential housing in a strategic location central to all of Columbia’s major employment drivers,” said Wes McAdams, Managing Partner of Charlotte-based Abacus Capital.
Burnside Farms Apartments is expected to deliver its first units in Summer 2025 with construction scheduled to be completed in Spring 2026. Upon completion, the community will be comprised of 288 1- and 2-bedroom residences averaging 910 SF across 10 3-story buildings and 20 2- and 3-bedroom townhomes averaging approximately 1,400 SF. The residences will offer high-end interior finishes with chef-worthy kitchens and granite countertops and the community will feature an elevated amenity package including a resort-style pool with cabanas and grilling stations, 24-hour fitness center and co-working space.
“We are excited to be able to deliver a new high-quality rental community at an affordable price point zoned for Columbia’s best schools in a submarket that hasn’t seen a new rental housing product delivered in over 7 years,” said Mason Ellerbe, Partner at Abacus Capital.
Burnside Farms Apartments is being developed by Abacus Capital while being built by Bridgeview Construction. South Coast Property Investors contributed the land to the partnership and Parse Capital provided a structured equity investment. The project architect is English & Associates and civil engineer is Thomas & Hutton. Colony Construction Management will manage the construction execution of Burnside Farms Apartments on behalf of the project team.
“We are very thankful for the team we have assembled to make this project a reality, with a special thanks to Walker & Dunlop for helping us secure financing in a challenging environment. Strategically focused multifamily development throughout the Carolinas is a primary business focus of ours and we
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are excited to add Burnside Farms to our growing portfolio,” said John Grantham, a Vice President at Abacus Capital.

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