The Boundary at Silver Bluff

LOCATION: Aiken, SC

PURCHASE: $7.7M

SALE: $15M

IRR: 63%

EQUITY MULTIPLE: 2.5x

The Boundary at Silver Bluff in Aiken, South Carolina is a 126-unit garden-style apartment complex. We purchased at a discount after languishing on the market for several months in 2019. Despite being a market-rate apartment community, the property was mis-managed by the seller for many years.

As such, rents were below market and had not been raised despite rents increasing throughout the local market. Upon ownership, we installed new management, enhanced marketing and initiated a targeted capex plan that significantly upgraded the property’s common areas and the exterior.  Additionally, numerous units were renovated with new kitchen and bathroom appliances, wood laminate flooring, new lighting and fixtures.

Monthly income increased from $80K in 2019 to $114K in 2021, an increase of $34K per month ($408K annually). The General Partners made a decision to market and sell the property in 2021.

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