Project Description

This is a 108-unit town home community. A real GEM in the heart of Mt Pleasant, SC. If you are familiar with Mt Pleasant, you know that this location is unbeatable.

Property:

This property has been family owned since inception – The Adams parents owned Oakleaf and it had been managed by one of the siblings for years. They kept the rents almost $1,000 below the market average and as such have only had 3 move outs in the last year! A neighboring town home community that is very similar to this one with the same floorplans, etc. had their last 3 leases signed at $2,200, $2,100, and $2,200.

An asset in Mt Pleasant is very hard to come by. There are not many, and most owners do not want to sell due to the area’s appreciation. We have been blessed to have local boots on the ground, building trust on all sides of the transaction – broker, seller, and lending.

 

Strategy:

We’ll be infusing over 2mm of capital improvements into the property. We plan to renovate all 108 units and make some nice improvements to the exterior and amenities as well to make Oakleaf Townhomes an even better place to live.

Highlights:

  • Rents have potential to increase from $1000 to $2200 in current market conditions.
  • Only minutes away from the beaches on Sullivan’s Island and Isle of Palms.
  • Historic downtown Charleston, and all of the great shopping, parks and amenities that Mount Pleasant has to offer are just a short drive away.
  • Located in an excellent school district.
  • Situated in a desirable suburb of south Mt Pleasant and only 2 minutes away from the highway for easy commuting.