A GREAT PLACE TO CALL HOME IN COLUMBIA, SC
Tripod Properties is very excited to present you with a great value add investment opportunity for an off-market 104-unit apartment community located in Arcadia Lakes neighborhood of Columbia, South Carolina.
About Tanglewood Apartments
Tanglewood luxurious apartment homes, South Carolina. The community offers a variety of open airy one, two, and three-bedroom apartment homes. Amenities include a swimming pool, outdoor kids playground, and indoor gym.
17%-19%
Target Investor IRR
18%-21%
Targeted Annual Rate of Return
1.91X-2.1X
Targeted Equity Multiple
5 Years.
Projected Investor Returns
| Estimate Hold Period |
|---|
| 5 Years |
| Location |
| Northeast Arcadia Lakes, Columbia, SC |
| PPM Avalible |
| Aug 31, 2022 |
| Funding Begin |
| Sep 1, 2022 |
| Funding End |
| Sep 10, 2022 |
| Closing |
| Sep 15 , 2022 |
| Minimum Investment |
| $75,000 |
Table of Contents
THE INVESTMENT
An overview of the investment and distribution strategy, including the net operating proceeds and capital event.
THE BUSINESS PLAN
A unit-by-unit renovation, managed to minimize vacancy times, will increase rental revenue by XX% when completed (estimated 202X).
THE PROPERTY
Constructed in 1970, expanded in 1985. Structures are sound; interiors need aesthetic rejuvenation. Modernization attracts new tenants, higher rents.
THE LOCATION
Lexington County, SC in the Columbia (state capital) metro has recession proof employers (medical, educational, government) plus abundant local amenities.
THE SPONSOR
Tripod Properties’ financial, real estate, engineering, and marketing professionals have the right mix of expertise and a cumulative 37 years’ experience.
Offering Summary
Key deals points
Hypothetical 100K
Investment
FAQs on Offering
THE INVESTMENT
This is an investment property ripe for renewal, with solid fundamentals – market, location, structure, and standard upgrades, led by a team of capital investment professionals – that create an ROI within two years
THE BUSINESS PLAN
• Tanglewood apartments has all classic units (zero renovated units), however, the property has been at almost 100% occupancy for the past few years.
• Our biggest opportunity for this asset is to undertake interior and exterior renovations, common area, and infrastructure improvements that position the property for a 15% projected rent growth through 2026. An attractive property in a growth market. • Relative to eight other, comparable developments in the submarket, current rents at Tanglewood Apartments lag all others on average by $210 – and by $525 to the submarket leader. • With the renovations*, the premiums-over-current rate can increase by $150. None of the units have been renovated leaving us with a huge opportunity to improve the property by our renovations. Each unit would get new countertops, stainless steel or black appliances, vinyl wood flooring, updated cabinetry, tile backsplashes, brushed nickel hardware, and updated lighting and plumbing fixtures. • An additional opportunity is to bring utility chargebacks in line with market rates resulting in approximately $32k more to the bottom line.Capital Improvements
| New ownership will upgrade all 104 units to meet market expectations with these features |
|---|
| 1: Stainless Steel/Black Appliances |
| 2: Tile backsplashes |
| 3: Brushed nickel hardware |
| 4: Updated cabinetry |
| 5: Updated lighting fixtures |
| 6: Updated plumbing fixtures |
| 7: Granite Countertops |
| 8: Vinyl wood flooring |
Construction Timeline
| CONSTRUCTION/MODERNIZATION |
|---|
| 1. 3 years to complete the renovations across all units |
| 2. Renovations happen when leases expire; can be completed in 30 days, limiting revenue loss |
THE PROPERTY
PROPERTY IMAGES
DETAILS
Total Unit
104
Address
7400 Hunt Club Road Columbia, SC 29223
Built Year
1972
Average SF per Unit
1,106
Total Land Size
8.44 Acres
Number of Buildings
15
1x1
875 Sqft
2x2
1175 Sqft
3x2
1300 Sqft
THE LOCATION
Situated in the fastest growing county () of South Carolina's state capital (Columbia) market, the existing 104-unit apartment community has everything – proximity to recession proof employers, close to premier shopping and entertainment, complex amenities including a pool and clubhouse – except 21st century in-unit upgrades. There has been a dearth of multifamily housing built here in recent years.
What draws residents to this neighborhood, St. Andrews? White collar jobs in medical, government, and educational institutions are part of it. But also the local school district, Lexington-Richland, is highly rated by both parents and teachers.
THE SPONSOR
Tripod Properties is a team of professionals with cumulative decades of experience in the several disciplines necessary to take a project from acquisition to construction to market and, eventually, a successful exit.
Those disciplines include real estate investing – including multifamily investors – debt and structured finance, portfolio management, marketing, engineering, hedging prepayment risk, and price risk on mortgages. Multifamily real estate investing requires a clear-eyed understanding of market, financial, and physical structural factors. The collective capabilities of the Tripod Properties team is necessary to achieve optimal investment outcomes.DISCLAIMER AND FOOTNOTES
The funds due date may be modified at the discretion of the Sponsor. This modification may occur in the event that the offering is oversubscribed, in addition to other reasons as determined by the Sponsor. The content on this detail page was produced by the Sponsor or an affiliate thereof. The Sponsor is under no obligation to update this detail page. None of the opinions expressed on this detail page are the opinions of Tripod and they are not endorsed by Tripod. Assumptions and projections included in this detail page are not reflective of the position of Tripod or any other person or entity other than the Tripodor its affiliates.
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