Orangeburg Road
Orangeburg Road Apartments is a 15-unit, 1976-built multifamily property located in Summerville, South Carolina, a part of the Charleston MSA.
Location
The property is located in Summerville, SC, among the fastest growing suburbs within the Charleston MSA at the time of acquisition, about 30 minutes north of the historic Charleston peninsula.
Background
A local owner had renovated two of the 15 units, proving a value-add plan at a property where conditions of classic units left much to be desired. Our business plan was to renovate the remaining units, capture existing loss to lease, and sell upon stabilization. Despite the onset of coronavirus holding up our ability to complete renovations, where we were exceeding pro forma rents, we still succeeded in a disposition of the property, securing profits for our investors in a time of great uncertainty.
Business Plan
