Bridle Ridge Apartments

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Projected IRR

70%

Projected Hold

1 Years

Year Acquired
2023


This affordable housing (LIHTC) multifamily apartment complex is located in Lugoff, South Carolina - a short 30-minute drive from Columbia, the state's capital city and the second largest city in South Carolina. This proximity creates significant rent growth potential, as the Columbia MSA is a rapidly expanding market.  Built in 1999, this complex contains a mix of 2BR/1Bath and 3BR/2Bath units that average around 1,000 sq ft.


Purchased in October of 2023 at a very favorable cost basis of around $52K/door, the complex had average rents around $595 per unit at purchase with the ability to easily increase to closer to $1,000 per unit in quick fashion.  With strategic CAPEX investments and high-quality management, we will be able to complete this project plan in less than 1 year.


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