Bradley Square

Property Highlights:

Address:

 

Units:

Construction:

Closed:

Property Managers:

6600 Rivers Ave

North Charleston, SC 29406

160

1990

January 2017

Adalease

Project Equity:

Project Debt:

Total Cost:

Loan Length:

Loan Rate:

$3,560,407

$10,120,000

$13,680,407

12 years

4.85% + 3 years IO

http://www.newsday.com/business/syosset-based-toro-real-estate-buys-12-6m-apartment-complex-1.12920491

 

 

Operational Plan:

  • We have purchased a property that has been maintained excellently, but has some areas where we can improve the management. We also plan to capitalize on organic rent growth, as well as premiums for interior renovations
  • Exterior improvements: Painting all the exteriors, new pet park, new gym, playground, barbecue area, and new pool furniture
  • Well located B Asset in North Charleston, SC
  • Plan is to acquire agency debt, with low interest rate, couple year’s interest only, to allow us to maintain occupancy while doing renovations.

Actual Operations:

  • Brought in new management company, rebranding and signage, painted all exteriors of the building, started interior renovations.
  • Within the first 12 months we plan on completing all exterior work, turn of 40% of units, to get an increase of 25% over current rents, all while maintaining a 92% occupancy.