Passive Investment Opportunity
Brighton Place in Augusta, SC
This is a fantastic opportunity to get in on an excellent value-add deal with rents currently well below market rate and sold by a highly motivated seller.
LIMITED SLOTS AVAILABLE
Core Investment Stats
15-16%
Targeted IRR
10-11%
Projected Annual
Cash-on-Cash
5-10 Years
Holding Period
$100k
Minimum Investment
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Note: This 506(c) syndication is open to ACCREDITED investors only.
Opportunity Summary
Pandemic Resilience
Landlord Friendly State:
- South Carolina is very pro-landlord
- Government is providing significant assistance programs
- Evictions are still possible when tenant doesn’t follow CDC rules that requires them to provide evidence they are seeking a job, to establish a rent payment plan, etc.
Resilient Renter Base
- A Class tenants with higher education and income are doing better. We are focusing on ‘dirty white color’ residence which inherently have less collection issues.
Renovation
With a Capex Budget of $448k, we will be renovating 86 units and updating the exterior of the buildings and common areas. Comparable properties are charging a 150-250 premium for updated units.
Currently this property has NO amenities, once we acquire the property we will add additional value by creating the following:
Clubhouse
Outdoor BBQ Station
Dog Park
Location
Brighton Place sits in an area that has become highly desirable because of its proximity to jobs, shopping, and dining. Located on the Savannah River in the Augusta/Aiken Metropolitan area, North Augusta is minutes away from neighboring Cities of Augusta and Aiken. Brighton Place offers its residents all the advantages of a big city living while still maintaining a small-town charm.
What used to be a C areas are revitalizing as growth extends from the nearby downtowns. As a result, the complex is located in an area that has experienced significant growth as total rent costs have jumped tremendously in the surrounding areas. The average age in the area is 35 – 44, lending itself to a younger demographic looking for high-quality living space.
Management
The property has been self-managed with a single on-site staff member and no dedicated maintenance tech. Current management does not have professional marketing practices in place to drive higher rents.
We will implement a multidimensional marketing plan that will allow us to create a more intentional target resident profile.
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Capital Improvements
Existing Units
Most current units have moderate upgrades – Tile or LVT in wet areas, black and/or white appliances, original cabinets
Tub surroundings are the typical “older look”
Upgraded Units
Complete LVT
Replace appliances
Repaint interior
Replace bathroom vanity
Bathroom mirror frame
Light fixture
Resurface/replace kitchen cabinets
Exterior Renovations
Landscaping needs work and siding on building needs repaired
Property does not currently have functioning amenities
We will do a club house renovation and add a dog park
Upgraded Exterior
Landscaping
Clubhouse renovation
Dog Park
Siding repairs
Augusta, SC Key Features
Augusta sits in an area that has become highly desirable because of its proximity to jobs, shopping, and dining. With the area having a median household income of $100,25/yr and a median monthly rent of $761, this highly-ranked metro is in a great position to have many residents with very low default rates compared to other areas.
Second-largest metropolitan population in the state of Georgia
Mid-Market of the Year – Southern Business & Development magazine
Top Ten Places in the South with Plenty of Talented Labor – Southern Business & Development magazine
Best Cities to Retire – WalletHub 2016
Best 100 Places to Live – U.S. News and World Report, 2016
One of 12 Great Places to Retire – Kiplinger 2016
Top Ten Places in the South with Plenty of Talented Labor – Southern Business & Development magazine
We Are Multifamily Investment Professionals
Experienced
With a combined 100+ years of experience and $300MM in closed multifamily transactions, we have the subject matter expertise, key relationships, and proven track record to execute profitable deals.
Conservative
We are opportunistic investors focused on creating long term value. We stress test our deals and use leverage carefully to create sustainable cash flow and limit our risk.
Diligent
Closing a deal, while challenging, is the easy part. Executing on the business plan is the hard part. It takes perseverance and persistence to achieve what we set out in our underwriting.
Get the Investor Presentation
Note: This 506(c) syndication is open to ACCREDITED investors only.
