A value-add opportunity located in Charleston’s Summerville submarket.

Video on the sale of Country Club Apartments

THIS ASSET HAS SOLD.

THIS ASSET HAS SOLD.

PROPERTY:

Country Club Apartments

43 Old Holly Ln., Summerville, SC 29483

# UNITS:

33 Units

YEAR BUILT:

1968 & 1971

2020 - 2022 Renovations

PRICE:

$5,150,000 ($156,061 / unit)

FINANCING:

Available Free & Clear

PROJECTED RETURNS:

Cap Rate: 6.46%

Cash-On-Cash: 8.73% (YR1), 8.83% (7-YR Avg)

IRR: 11.43% (Unlevered), 23.71% (Levered)

OFFER DUE DATE:

Offers Reviewed When Submitted

Tour Required Prior To Acceptance

Country Club Update: 2023-05-23

Exceptional returns for a stabilized, well-located asset.

  • About the property.

    Country Club Apartments is a value-add investment opportunity located in the Summerville submarket of Charleston, South Carolina. This property is ready for exterior refinement and stable operations after renovating the last 10% of units. Offered at an attractive return despite below market rents.

  • About the location.

    Summerville has it all and Country Club Apartments’ neighborhood is at the center of it. The property has exceptional schools, is surrounded by luxury homes, and it backs up to a golf country club. Summerville is central to all of the major employment hubs in the region (Volvo, Mercedes, Boeing, etc).

  • About the opportunity.

    Operating in the extended use period of a Low Income Housing Tax Credit (LIHTC) restriction, the property has the unique ability to capture rents comparable to market rate while also taking advantage of a tax law that provides up to $222/unit/month in real estate tax savings.

43OH Exterior 2023-03-15-13.jpg
43OH Exterior 2023-03-15-32.jpg
43OH Exterior 2023-03-15-17.jpg
43OH Exterior 2023-04-06-14.jpg
43OH Exterior 2023-04-06-64.jpg
43OH Exterior 2023-03-15-46.jpg
43OH Exterior 2023-03-15-39.jpg
CCA-2021-05-24-11.jpg
CCA-2021-05-24-08.jpg
CCA-2021-05-24-12.jpg
CCA-2021-05-24-03.jpg
CCA-2020-01-19-09.jpg
CCA-2021-05-24-16.jpg
CCA-2021-05-24-06.jpg
43OH Exterior 2023-03-15-08.jpg

Take a closer look.

I’ve got several videos put together for you to learn more about the opportunity, see the property and walk some units. Both renovated and original units are included.

Overview Video for Country Club Apartments

Tour of a one-bedroom unit (new construction).

Tour of a two-bedroom flat (renovated).

Tour of a two-bedroom townhouse (original).

New Video (May): Tour of unit 43-09, a two-bedroom flat (renovated).

Building Exteriors - Walk-around

The Good, The Bad, & The Upside

FAQs

Open the links to the right or watch the short video below for quick answers to most of your initial questions.

  • This offering is being marketed with an asking price of $5,150,000 ($156,061/unit) and is being offered free and clear of any existing debt.

  • There is no "call for offers" date and the Seller is planning to review offers upon submission. While I have provided accurate videos and documentation you should anticipate that your offer will not be formally accepted until you have completed a site visit. Tours are by appointment and please plan several days in advance.

  • Country Club Apartments is a value-add investment opportunity located in the Summerville submarket of Charleston, South Carolina. Operating in the extended use period of a Low Income Housing Tax Credit (LIHTC) restriction, the property has the unique ability to capture rents comparable to market rate while also taking advantage of a tax law that provides up to $222/unit/month in real estate tax savings.