Rivers Edge Portfolio – 302 Units

Waterstone Multi-Family Group is pleased to present the exclusive listing for a 302 Unit Multifamily Portfolio known as Rivers Edge located in the rapidly growing southeastern city of Greenville, NC.  This portfolio is made up of two distinct assets, Rivers Edge East and Rivers Edge West, located approximately one half mile from each other and has a minimum portfolio purchase price starting just below $25,000 per door.

Rivers Edge West is a 108 unit, 1974 built complex consisting of 36 one-bedroom units and 72 two-bedroom units with a current occupancy of 89%.

Rivers Edge East is a 194 unit property built between 1972 and 1980 consisting of 78 one-bedroom units and 116 two-bedroom units, 80 of which have one-and-a-half baths. This asset is comprised of 24 buildings spread amongst 13 contiguous tax parcels.  The contiguous nature of the tax parcels allow for non-recourse bridge and permanent financing options depending on the buyers long term strategy (see aerial maps of the REE community on pages X & X in the Offering Memorandum).  Rivers Edge East currently has 14 down units requiring an estimated $5,000 to $7,000 per unit to bring back on line.  Occupancy including the down units currently sits at 82%…88% when excluding down units.

The economic occupancy for the entire portfolio over the course of the last 12 months sits at 75.28% based on current asking rents.  At stabilization, The Rivers Edge Portfolio provides an 8+% Cap Rate at the minimum asking price when assuming a 90% economic occupancy, no increase in rent per unit and $2,750 per door in annual expenses before reserves.

Value-Add Opportunity:

Economic Occupancy Improvement: The Gross Potential Rent for the portfolio is based on current rents at the property though a thorough review of the rental comparison analysis indicates that these units are renting significantly below comparable properties (see the Rent Comp Analysis spreadsheet in the included due diligence files). The property appears to be well positioned for new management to immediately drive both organic rent growth along with a higher economic occupancy capture rate.

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Other

  • Address: 200 Verdant Drive Greenville, North Carolina 
  • Area: Greenville, NC 
  • Acres: 302