WCP Azalea Hill

Greenville, SC

  • Target Annual Cash 11.1%
  • Target IRR 19%
  • Target Equity Multiple 2.08x
  • Asset Profile Value Add
  • Minimum Investment $25K
  • Estimated Hold 5Y
Willow Creek Partners Reston, VA

Multi-Family Property

About this Property

Azalea Hill (the “Property”) is a well-maintained 160-unit multi-family apartment community located in the sought after Verdae section of Greenville, South Carolina. The Property offers studio, one and two bedroom options and has an excellent amenity package including a resort style pool, complimentary coffee bar, and select furnished apartments.

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Key Points

  • Azalea Hill is being acquired in an off-market transaction. This well-maintained asset is located in an area which has experienced rapid growth in recent years. By securing the deal off market, we avoid a competitive bidding process which enables us to purchase the Property at an attractive price per unit.
  • The Property has not been updated since its construction. As a result, there is a substantial rental gap between it and its competitors. Our interior upgrade and value-add program will position the Property to be able to capture a portion of the rental gap.
  • The Property’s rents currently lag other similar vintage comps by between $261 to $348 per month, depending on floor plan. The value-add program calls for ~$8,600 per unit in interior unit upgrades have been budgeted on average with $10,000 being allocated for two bedroom apartments. This should allow for significant rental increases. We have also budgeted approximately $825,000 in exterior enhancements.
  • $517,200 in annual rental growth has been projected for the Property after the value add program is completed. We project to achieve a 24% ROI on the planned upgrades which have been estimated to result in ~$270 in rental premiums monthly across the updated units.

Financials

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Offering Financial

Location Details

Greenville, SC

The Greenville MSA has seen tremendous growth, particularly in new construction. Effective rents are expected to continue their growth trajectory over the next three years. With the population expected to sustain its upward trend, and along with the planned property enhancements, we believe we will be able to capture projected rent increases. Situated in a highly affluent submarket, the Property is located in close proximity to high end shopping and dining. It is also located in the fastest growing submarket in the Greenville MSA. The asset is well-located within a growing metro area with promising economic expansion. The Greenville economy is growing faster than the US economy with job growth expected to reach 2.4% over the next year.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline for this opportunity is July 31st, 2018.

The first projected distribution is scheduled for October 2018.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

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