We Closed Our 39th Deal, Westwood!
Freedom AdVentures Inc. together with Sureste Partners acquired Westwood, a 419-unit multi-family property in West Columbia, SC.
It consists of 170 1-bedroom, 212 2-bedroom and 37 3-bedroom units. The purchase price of the property was $23,525,000 or $56,146 per unit.
Columbia MSA is one of the fastest growing markets in the Southeast. It is also the location of Fort Jackson, the US Army’s largest training center which contributes an estimated $2.3 billion annually to its economy. The University of South Carolina is also located in the area and the driving force for employment in the region and a large contributor to the high education level in the area with 32% of the population having at least a college degree. Professional and business services sector has been one of Columbia’s strongest employment sectors over the past decade.
Freedom’s Business Plan
The property is located on 20.31 acres of land with ample green space and amenities for the tenants to enjoy. The property received a capital infusion of over $5M for exterior renovations such as roof repairs, sidewalk/asphalt repairs, plumbing repairs, exterior paint, a brand-new leasing office and clubhouse and a few interior unit renovations since 2014.
Freedom will be focusing on modernizing interior units to cater to a stronger demographic and achieve a stabilized occupancy in line with the nearby property comparable and modest rental premiums over existing leases. The Sponsor will apply a professional approach regarding property management by appropriately budgeting for the operational expenses and ensuring that the property promotes an acceptable standard of living.
Property acquisition has a total equity requirement of $9.350M. The Sponsor projects a net 22.20% IRR and a 2.16x equity multiple to the Limited Partner.
Freedom is committed to acquiring and developing workforce housing constructed in the 1970’s and 1980’s in growth markets.
To learn more about passive investing in real estate visit us at www.InvestWithOurFamily.com.