Hillcrest Townhomes

Hillcrest Townhomes

Spartanburg, SC

Hillcrest is a Class C property located in a Class A location in Spartanburg, South Carolina. The New York Times reports Spartanburg as having the highest per capita international investment in the nation. Over 80 international firms representing 18 countries are located in the local area, including BMW, Milliken, Michelin, Cryovac, Kohler and Invista.

Property Description

Built in 1973, Hillcrest is a Class C property consisting of 138 units. The property was significantly under performing in the local market, primarily due to underachieved management. Although the property was well maintained, resident requested maintenance is not operated promptly which has created tenant dissatisfaction. The property was 90% occupied at time of acquisition in a market that is typically 92% or higher for Class C properties. Market analysis has demonstrated that rents can be increased by $50-$100 to achieve market levels through a capital improvement program of $2.9K per unit.

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