SC firm buys N. Augusta's Ironwood apartments

A South Carolina investment firm announced Friday that it has acquired The Ironwood apartment community at North Augusta's Riverside Village development.

The 280-unit upscale complex near the SRP Park-anchored mixed-use development was opened late last year by Birmingham, Ala.-based LIV Development. The buyer, Greenville, S.C.-based Graycliff Capital Partners LLC, did not disclose financial terms of the deal.

“Graycliff is very excited about investing in the North Augusta market and to be the proud new owner of the area’s nicest apartment community,” said Paul Aiesi, a partner at Graycliff Capital. “We have spent a lot of time in the market over the last five years trying to find the right opportunity, and this acquisition was the right one.”

The firm focuses on multifamily development and acquisitions in the Southeast and mid-Atlantic regions. It reports acquiring or developing more than 8,622 apartment units valued at $1.3 billion since 2010.

The Ironwood features studio and one- to three-bedroom units ranging from 750 to 1,400 square feet. Amenities include a resort-style saltwater swimming pool, 24-hour fitness center and an on-site retail store.

The community is one of two multifamily residential developments at the $230 million Riverside Village project. The neighborhood's other apartment complex, The Clubhouse, which abuts the east end of SRP Park and sits above 15,000 square feet of office space, opened earlier this year.