4702 Edwards Road
Greenville, SC 29687
Blue Ridge Companies
- Operational plan is to upgrade some amenities and the exterior, while continuing to upgrade unit interiors as they turn through the first 12-24 months.
- Very well located C class asset in the booming Greenville Submarket.
- The property currently has a HAP contract until November 2018, which is when we will chose not to renew and raise those 65 units to market rate.
- 10 year hold with the potential to sell or refinance at the end of loan duration.
- Since closing we have added new signage, a Pet Park, Playground, fixed the parking lot, upgraded all landscaping, and added shutters on all visible windows.
- Upon Closing, average rent was $549 per unit and within the first 6 months we were able to raise rents 10.5% to an average of $607 per unit.
- Through the first 6 months we have achieved a positive NOI variance of $85,000 or a 28% YTD variance against budgeted expectations.
- Adding water bill back, based on building direct usage, was implemented in September and collections will begin in November, which continue to increase Net Revenue.
- Since closing, we have added roughly 2.5 million dollars in value to the property at a conservative 7.5% Cap Rate