REAL INSIGHT AUCTION: DECEMBER 7-9
Brent Kubitschek 919-429-9694
John Bergin 704-804-3342
Waterstone Multi-Family Group is pleased to present the Wyndham Place Apartments, a 48-unit complex located in Florence, SC. The property includes eleven buildings, consisting entirely of 2-bedroom 1-bathroom units. Extensive renovations have been executed at Wyndham Place with over $864,000 spent on CapEx upgrades in the past several years (see CapEx summary attachment) including:
- New Roofs
- Exterior Painting
- Full Unit-turns & interior-rehabs
Wyndham Place is centrally located off the main East/West thoroughfare just blocks from downtown Florence central business district and minutes from the headquarters district for GE Healthcare ($40MM facility expansion in 2016), Patheon (new $70MM facility), Honda ($45MM facility expansion project in 2016), and others.
This property offers a new owner the opportunity to install additional washer/dryer units in the laundry area and capture the resulting free cash flows. New owner will also have the opportunity to raise rents $25 to $50 or more (current owner has already begun raising rents) along with a waiting list for new available units of 68 prospective tenants.
- Address: 805 West Darlington Street Florence, South Carolina
- Area: Florence
- Number of Units: 48
- Year Built: 1950
- Acres: 4.05