North Charleston Portfolio – 72 Units

Waterstone Multi-Family Group is pleased to present the sale of this 72 Unit, 4 Complex Portfolio (not to be subdivided) located in North Charleston and Hanahan, SC.

Portfolio Key Facts

  • 9.5 Cap on actuals; 9.1 Cap on conservative proforma
  • These market rate apartments have been undermanaged with rental growth opportunity
  • 10 (estimate) Section 8 voucher tenants
  • Tremendous growth throughout Charleston MSA

This offering includes:

Chatham Place Apartments – 30 Units + 6 Garages – 5735 Chatham Ave. North Charleston

Corner Place Apartments – 24 Units – 5756 Corner Ave. Hanahan

Attaway Apartments – 12 Units – 5544 Attaway St. North Charleston

Florida Place Apartments – 6 Units – 3313 Florida Ave. North Charleston

 

North Charleston Market

Investment Summary & Property Overview

This is an opportunity to acquire a 4-property portfolio in the 3rd largest city in South Carolina. Due to the average influx of 45 people moving into North Charleston a day, this portfolio has continued to have close to 100% occupancy all year round.

This 4-property portfolio is comprised of 72 units (1BR – 20% / 2BR – 63% / 3BR – 17%) with a historically strong financial performance despite being under-managed over the past two years.  You will note in the financial analysis section that these properties would benefit from a modest capital investment, which will allow for increased rent and enhanced financial performance. Despite its conservative assumptions, this portfolio reflects a year 1 cap rate of ~9.0% and a cash on cash return of 18.2%.  Years 2-5 returns increase substantially due to a large reduction in capital spend needed.

North Charleston has been described as the interior of a ‘ring of prosperity’ which, in addition to tremendous job growth, explains the exploding population growth.

North Charleston is in close proximity to major roadways, including I-26, I-526, and I-95, rail lines transporting both freight and passengers, an international airport, and one of the east coasts deepest water ports.

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Other

  • Address: North Charleston, South Carolina 
  • Area: Charleston 
  • Number of Units: 72