SCI sinks cash into Sun Belt investments

SCI Real Estate Investments this week announced it has acquired three properties in multiple states for undisclosed amounts.

The properties, which include residential and retail space, total more than 1 million square feet and are located in Texas, South Carolina and Arizona.

Among the assets are:

• Estancia Townhomes, a 207-unit, luxury apartment-home community located in Dallas, Texas. The property features two-, three- and four-bedroom units with two-car garages and gated entries. Community amenities include a pool, athletic center, large patios and balconies.
• Verdae Village, a 241,548-square foot grocery-anchored shopping center located in Greenville, S.C. Credit tenants include Super BI-LO Supermarket, Stein Mart, Office Depot, The Olive Garden, Burger King and Arby’s.
• Gateway on Apache, a 400-unit/684-bed luxury student apartment community located in Tempe, Ariz., which serves the students of Arizona State University. Property amenities include a pool with spa and clubhouse, fitness center, sand volleyball court, and student/business center.

“All of these properties benefit from being located in robust growth areas,” said Scott Derrick, chief investment officer for SCI. “Both the North Dallas area and Greenville County, South Carolina, are experiencing ongoing population growth and economic expansion. And Arizona State University’s enrollment is expected to grow from its current 55,000 students to an estimated 90,000 by 2020. …”