- Well maintained asset primed for value-add implementation
- Operational upside with below-market occupancy
- Nearly $6,000,000 in recent capital expenditures
- Excess greenspace allows for additional amenities
- Attractive 28-acre site with low-density neighborhood feel
- Strategically located in central-northwest South Carolina
- Proximate to restaurant, shopping & entertainment
- Utility billback upside potential
- Offered free and clear of any existing debt
WELL MAINTAINED ASSET PRIMED FOR VALUE-ADD IMPLEMENTATION
- Village at Glenhaven offers significant value-add opportunity proven in the submarket. Based on the current average rents, upgrade premiums between $119-$191/unit can easily be achieved through a strategic interior renovation strategy.
- Village at Glenhaven features 164 (82%) ‘Deluxe Units’ which have been upgraded on an as-needed basis. In general, these units have received new appliances, flooring, paint, and have been well maintained. Based on rental rates in the immediate area, the current monthly average rent on Deluxe two-bedroom units can easily be increased from $608 to $725 ($117 increase) while still trending below nearby comps with a small amount of capital infused.
- The remaining 36 (18%) units are in classic condition and have upgrade premium potential of $119+ for one-bedroom units, $244+ for two-bedroom units, and $160+ for three-bedroom units.
OPERATIONAL UPSIDE WITH BELOW-MARKET OCCUPANCY
Village at Glenhaven offers significant operational upside due to a 10% vacancy at the property and a 2.3% submarket vacancy. Through a strategic lease-up strategy, new ownership can easily capture an additional $173,760 of top-line revenue.
SIGNIFICANT CAPITAL INFUSION BY CURRENT OWNERSHIP
Over the last 4 years, current ownership has invested nearly $6,000,000 ($30k/unit) into exterior improvements and renovating 164 units. Exterior improvements include all roofs, vinyl siding, windows, doors, porches/decking, extensive plumbing, and HVAC work, landscaping, and more!! See the CapEx detail in the property deal room.
