Wellington Residential Villas, Columbia, SC
Property Highlights
78-Unit Value-Add Multifamily Property in Hopkins Submarket
Located in Columbia, South Carolina, a large portion of demand for apartments comes from the University of South Carolina’s 35,000 student population, the Prisma Health Alliance, Fort Jackson, the largest Army training base in the US, in addition to the government sector, which has been a significant driver of apartment demand in the market. As Columbia is the state’s capital, government jobs make up a quarter of the city's total employment.
Magnolia Ridge Apartments, Gaffney, SC
84-Unit Value-Add Multifamily Property in Historic Gaffney, SC
Part of the Greenville/Spartanburg MSA
Built in 1972 and currently undergoing a full renovation, the property is comprised of 12 - studio, 16 one-bedroom, 32 two-bedroom, 20 three-bedroom, and 4 four-bedroom Garden-style apartments.
Property was acquired for $4,845,120 ($57,680/unit). The sponsor projects an IRR of 23.23% return to its Limited Partners.
Located in Historic Gaffney, SC, Magnolia Ridge Apartments is well-positioned along the I-85 corridor between Charlotte, NC and Spartanburg, SC. The property benefits from the continued growth of the auto and technology industries in Greenville and Spartanburg, students from nearby Limestone University, and the continued growth of shipping and manufacturing companies in Gaffney.
Tree Top Apartments - Spartanburg, SC
152-Unit Value-Add Multifamily Property in Spartanburg, SC
Part of the Greenville/Spartanburg MSA
Built in 1981 and currently undergoing a full renovation, the property is comprised of 152 one-bedroom Garden-style apartments
Property was acquired for $12,455,000 ($81,941/unit). The sponsor projects an IRR return of 20.41% and a stabilized CapRate of 6.81% to its Limited Partners.
Located in the hyper-growth market of Spartanburg, SC, Tree Top Apartments is well-positioned along the I-85 corridor. The property benefits from the continued growth of the auto and technology industries in Greenville and Spartanburg, students from nearby Wofford College, Spartanburg Community College, and the University of South Carolina Upstate, and the continued growth of companies from a diverse set of industries in and nearby the city of Spartanburg.
Winner Place Apartments - Independence, MO
60-Unit Value-Add Multifamily Property in Independence, MO.
Part of the Kansas City MSA
Built in 1971 and currently undergoing a renovation of deferred maintenance items, and minor interior renovations, the property is comprised of a desirable mix of one bedroom, two bedroom, and three bedroom units. An additional 6 units will be created in spaces currently not being utilized.
Property was acquired for $2,800,000 ($46,667/unit). The sponsor projects a stabilized CapRate of 7.25% to its Limited Partners.
Located only 10 minutes from Downtown Kansas City, Winner Place is positioned well in the hyper-growth market of Independence, MO. The property is located near to the former home of President Harry Truman. Purchased at less than 25% of its replacement cost, Winner Place is poised to provide Cash on Cash returns of almost 14% by the seventh year of ownership. The property benefits from the continued growth of the city of Kansas City, and technology company investments by leading companies such as Intel, Google, and others. The property was acquired with an assumption of an existing Fannie Mae loan at a rate of 4.18% and due in 2032.
Meadowbrook Apartments - Independence, MO
113-Unit Value-Add Multifamily Property in Independence, MO.
Part of the Kansas City MSA
Built in 1974 and currently undergoing a full renovation, the property is comprised of a desirable mix of Studio, One-bedroom, Two-Bedroom, and Three-bedroom Garden-style apartments
Property was acquired for $7,200,000 ($58,065/unit). The sponsor projects a stabilized CapRate of 7.25% to its Limited Partners.
Located on the eastern side of Independence, MO, and only 22 minutes from Downtown Kansas City, Meadowbrook Apartments is positioned well in the hyper-growth MSA of Kansas City, and near to the upscale markets of Lee Summit and Liberty, MO. The property is located near to the Harry Truman presidential library. Purchased at less than 30% of its replacement cost, Meadowbrook Apartments is poised to provide Cash on Cash returns of over 10% by the seventh year of ownership. The property benefits from the continued growth of the city of Kansas City, and technology company investments by leading companies such as Intel, Google, and others. The property was acquired with an assumption of an existing Fannie Mae loan at a rate of 4.18% and due in 2032.
Coming Soon - Maple Flats - Kansas City, MO - Coming Soon
72 - Unit Historic Renovated Multifamily Property in Kansas City, MO.
Inside City Core
Built in 1910, Maple Flats has undergone a full renovation, the property is comprised of a desirable mix of Studio, and One-bedroom, apartments. Situated on a quiet tree-lined street directly adjacent to a Medical School, the property caters to a young professional and medical student tenant base.
Property is under contract for $5,460,000 ($75,833/unit). The sponsor projects a cash-on-cash return to its Limited Partners of over 10% by the end of year three and 20% by year 7.
Located in the city core in Kansas City, MO, and only minutes from Downtown, Maple Flats Apartments is positioned well in the hyper-growth city of Kansas City, and adjacent to Kansas City University College of Osteopathic Medicine and College of Dental Medicine. The property benefits from the continued growth of the city of Kansas City, and technology company investments by leading companies such as Intel, Google, and others. The property was acquired with an assumption of an existing Freddie Mac loan at a rate of 3.45%.
