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