Stillwater at Grandview Cove
3714 Grandview Dr.
Simpsonville SC, 29680
Blue Ridge Companies
4.54% + 3 years IO
- Our plan was to buy a well-maintained property from a long term owner with inefficiencies in management. Interior renovation at $5,000 a unit which included new flooring, appliances, hardware, lighting fixtures, new countertops, and new doors.
- Exterior improvements: Pet park, new gym, playground, barbeque area, new pool furniture, and painting all balconies,
- Well located B Asset in Simpsonville, a submarket of Greenville.
- Plan is to acquire agency debt, with low interest rate, couple year’s interest only, to allow us to maintain occupancy while doing renovations.
- Brought in new management company, rebranding and signage, and bids currently for all exterior improvements.
- Within the first 12 months we plan on completing exterior work, turn of 40% of units, to get an increase of 20% over current rents, all while maintaining a 92% occupancy.