MULTIFAMILY
INVESTMENT OPPORTUNITY
- Cheslyn place
- Spartanburg County
A
Class
EXECUTIVE SUMMARY
Cheslyn Place is a newly constructed Build-to-Rent community consisting of 49 Duplexes, all 3 beds, and 2.5 baths, with a one-car garage. The construction was completed in July 2022. This property is located in Spartanburg, SC, only 15 minutes to downtown Spartanburg and 35 minutes to downtown Greenville. With easy access to both I-85 and I-26, this location is very desirable for anyone wanting to work and live in the Greenville/Spartanburg Metro.
Spartanburg is a growing community with a small-town Southern charm. It has the benefit of being located in one of the fastest-growing counties in the country. According to GoodHire, Spartanburg is among the top 10 places to live and work in the nation and is ranked second for growing job markets. Approximately 15 people per day are moving to the county. Driving this tremendous growth is the large number of companies moving to the county for its competitive location, infrastructure, and existing assets.
In 2021, One Spartanburg, Inc. landed 44 economic development projects on behalf of Spartanburg County and the City of Spartanburg, resulting in $1.9 billion capital investment and 4,000 new jobs. In addition, Upstate SC Alliance announced that 85 companies have established plans to invest $2.5 billion to create 9,000 jobs across the Upstate region.
- Walmart – $450M in Spartanburg County
- Oshkosh Defense – $155M in Spartanburg County
- Pall Corporation - $115M in Spartanburg County
- Nestlé USA – $100M in Cherokee County
- BMW Manufacturing Corp – $1.7B in Spartanburg County
- TTI Floor Care North America – $93M in Spartanburg County
- DHL Supply Chain – $92.7M in Cherokee County
CHESLYN PLACE Investment Highlights
- A low-risk asset with a brand new build, stabilized, and cash flowing Day 1
- Extremely desirable location next to two Interstate Highways and minutes from high-end shopping and activities like TopGolf
- Easy to commute to multiple cities including Spartanburg downtown, Greenville, Asheville, and Charlotte
- Value add with low Capex investment
- 100% Bonus depreciation available through end of the year closing
CHESLYN PLACE AERIAL OVERVIEW
- Covered outdoor patio
- Outdoor walking track and dog park
- Children’s playground
- 14 Units at NORTH END
- 12 Units at SOUTH END
- 36 Units at RIGHT SIDE
- 36 Units at LEFT SIDE
UNIT FEATURES
- Granite countertops
- Central AC & heating
- Refrigerator
- microwave
- Basic lawn care provided
- Garbage disposal
- Subway tile backsplash
- Front and back porch
- Laundry room
- Walk-in closet
- Single-Car Garage
- Dual vanities in master bathroom
Property Summary
County Spartanburg County
Number of Units 98
Average Unit Size 1,366 sq ft
Average Rent/SF $1.11/sq ft
Year Built 2022
Occupancy 99%
Asset Class Class A
Roof Asphalt Shingles
WE ARE MULTIFAMILY INVESTMENT PROFESSIONALS
EXPERIENCED SPONSORSHIP TEAM
Our team has a combined 20+ years of experience and has closed deals worth $800+ million. We have the subject matter expertise, key relationships, and proven track record to execute huge profitable deals.
LEADERSHIP WITH PROVEN TRACK RECORD
We encourage our employees to take risks and seek out new opportunities in order to achieve maximum success. We also seek to foster an atmosphere of respect and empowerment for all our employees.
CONSERVATIVE
We are a team of opportunistic investors who use our deals to create long-term wealth. We leverage our investments and create sustainable cash flow, limiting our risk.
DILIGENT
Closing a deal is challenging, but executing the business plan is even more difficult. Those who have persevered to achieve their goals have done so through perseverance and persistence.
Cheslyn place Market OVERVIEW
COST OF LIVING
A low cost of living is one of Spartanburg’s primary advantages over other similarly-sized areas and contributes to its appeal as an inviting destination for living and working.
EDUCATION
Spartanburg is home to excellent education systems that bring significance to the area.
RECREATION
Located at the heart of the Charlotte-Atlanta corridor and in the foothills of the Blue Ridge Mountains, Spartanburg provides a wealth of outdoor recreational activities, including biking, hiking, boating, fishing, sightseeing, and so much more.
ECONOMY
Spartanburg’s pro-business climate provides a dynamic mix of incentives, workforce development programs, and a network of resources designed to give businesses a competitive advantage in the global marketplace.
Cheslyn place WEBINAR
We’ll explain everything you need to know to invest in this exciting opportunity.
- 18th November 2022
- 7 PM CST
- ZOOM
WHY Cheslyn place
Grocery Stores
Central AC & Heating
Refrigerator
Microwave
Basic Lawn Care
Garbage Disposal
HOW DO WE SELECT DEALS
UNDERWRITE OVER 100 TO FIND 1
We see one great deal every 100 deals that come across our desk. We have strict underwriting guidelines, so we can act swiftly when the right opportunity comes along.
CAP RATE HIGH ENOUGH FOR STABILIZED ASSET
We generally focus on more high-value deals, but we will sometimes come across stabilized deals that have lower risk.
VALUE-ADD UPSIDE POTENTIAL
Can we increase the NOI, which will increase the value of the property? For example, current rents are below market rents due to unit quality. Can we rehab the units and increase rents?
VERIFYING ACTUALS, NOT PROFORMAS
Brokers often provide buyers with financial projections (proformas) as if they were today’s numbers. We verify the information and base our analysis and offer on ACTUAL figures.
STRONG LOCAL RENT GROWTH
We analyze the deals submarket to understand the trends for rental prices.
DO THE NUMBERS WORK
After considering all of the aforementioned factors, we come up with a Maximum Allowable Offer (MAO), which is the maximum amount we can pay to acquire the deal.
MEET THE
EXPONENTIAL EQUITY TEAM
Hemal Badiani
CEO
Yomesh Deliwala
COO
Jamie Grubb
Director of Asset Management
