Columbia apartment complex purchased in $500M real estate deal.

An apartment complex off Broad River Road in Columbia will receive extensive upgrades as one of 10 multifamily properties around the Southeast that have been acquired by three real estate firms.

Broad River Trace, located at 551 Riverhill Circle, is part of a $500 million portfolio of multifamily properties acquired by Texas-based RREAF Holdings and Florida-based companies DLP Capital and 3650 REIT, according to a news release.

The portfolio is the trio's third acquisition in less than a year and includes multifamily properties consisting of more than 2,744 units. Properties in Arkansas, Georgia, Indiana, Mississippi, North Carolina and Oklahoma are included in the acquisition.

The acquisition is designed to infuse capital into quality rental units at a time when South Carolina and the nation as a whole is experiencing a shortage of affordable options, according to the release.

"The affordable housing crisis pervades every state in the nation, making this multifamily transaction all the more significant," said Don Wenner, founder and CEO Of DLP Capital. "Through our collaborative investment and our mission to keep these apartments affordable for the local workforce, we will impact hundreds of families who want to live where they work."

The acquisition was spearheaded by RREAF and purchased from one seller. All of the apartment complexes are primarily in suburban-metro areas with no new multifamily supply within a five-mile radius of most of the properties, according to the release.

All of the...