Woodlea Oaks

Property Highlights:

Address:

 

Units:

Construction:

Closed:

Property Managers:

4702 Edwards Road

Greenville, SC 29687

200

1970

May 2016

Blue Ridge Companies

Project Equity:

Project Debt:

Total Cost:

Loan Length:

Loan Rate:

$2,843,002

$7,280,000

$10,123,002

10 years

4.23%

 

 

Operational Plan:

  • 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.

 

Actual Operations:

  • 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

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