Stillwater at Grandview Cove

Property Highlights:

Address:

 

Units:

Construction:

Closed:

Property Managers:

3714 Grandview Dr.

Simpsonville SC, 29680

240

1990

November 2016

Blue Ridge Companies

Project Equity:

Project Debt:

Total Cost:

Loan Length:

Loan Rate:

$7,001,688

$16,543,200

$23,544,888

12 years

4.54% + 3 years IO

http://finance.yahoo.com/news/toro-real-estate-partners-acquires-134500374.html

 

 

Operational Plan:

  • 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.

 

Actual Operations:

  • 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.

 

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