TEN-X AUCTION: AUGUST 10-12
SITE TOURS: BY APPOINTMENT ONLY
Joshua Scango 704-668-6361
Waterstone Multi-Family Group is pleased to present a 48 unit apartment complex in Conway, SC. The property consists of 48 two bed/two bath units in 12 buildings on 10 acres of wooded land. It’s located next to a private airport with very low traffic. The property was previously underperforming and mismanaged up until the beginning of 2019. With new management, the property is on it’s way to becoming a thriving community. Under previous management rents were averaging $550.
In March ’19 all tenants who were interested in staying were offered a 12 month lease at a discounted rate of $725. Thirteen tenants agreed to stay and the remaining 35 units were vacated for rehab which has been completed. The newly rehabbed units are being marketed at $795. This property is currently 100% occupied with an average rent of $776. Recent capital improvements include newly paved roads and new exterior lighting throughout. This is a strong Value-Add opportunity with proven rental increases to capitalize on.
- Address: 1901 Airport Road Conway, South Carolina
- Area: Conway
- Number of Units: 48
- Year Built: 1986
- Acres: 10.34