Multifamily
Investment Opportunity
- Iveywood Park I & II
- 112, Martin Lane Gaffney, SC 29341
Iveywood Park I & II INVESTMENT DETAILS
97%
AVG PORTFOLIO OCCUPANCY
$750/mo
AVG MARKET RENT
96
UNITS
$10,850,000
PURCHASE PRICE
$4.5M
EQUITY
1997
YEAR BUILT
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS Iveywood Park I & II
Exponential Equity is pleased to offer qualified investors an opportunity to invest in the acquisition of a Class-B multifamily property in Gaffney, SC. The LURA expired in January 2022, and it has started releasing tenants to market rate rents, which are $300+ per unit for renewals and $450+ for renovated units.
The property is located along Interstate 85 in Gaffney, South Carolina, commutable to both Charlotte, NC and Greenville, SC. Gaffney has become an ideal place to live for those who work in the larger markets. Gaffney offers small town Southern charm with convenient access to big city amenities.
Interstate-85 is currently undergoing expansion and a new clover leaf entrance/exit project in Gaffney less than 2 miles from Iveywood Park. Within 30 minutes of the complex, there is the new Catawba Two Kings Casino, UPS Freight Distribution Center, Spartanburg Medical Center and DHL Supply Chain Warehouse (Q3 2022).
PROPERTY HIGHLIGHTS
Began conversion to a Market-Rate property in January 2022
Newly leased units are achieving $300+ higher rents
Tenant pays utilities
Investment Highlights
Investment Highlights
- LIHTC LURA restrictions terminated January 14, 2022, creating an immediate opportunity to push to market rate rents
- Current asking rents are $400-$450 below comparable market rate rents in the surrounding area
- Property is offered free and clear of current financing
Property Features
Property Features
- A mix of two- and three-bedroom units feature walk-in closet(s), a self-cleaning oven, dishwasher, garbage disposal, air conditioning, in-unit washer and dryer connections with rentals available, and in-unit washer and dryer in select units
- Community amenities include a business center, clubhouse, on-site laundry facility, playground, and leasing office
- Recent capital expenditures include a resurfaced parking lot, updated office and gazebo, and new gutters
Desirable Location
Desirable Location
- Less than five minutes from an on-ramp for Interstate 85, which connects to Charlotte and Spartanburg in under 40 minutes
- Just 1.3 miles from Cherokee Medical Center, a 125-bed acute care facility offering a range of services including emergency care, endocrinology, surgery, and imaging
- Only 10 minutes from Cherokee County History & Arts Museum, which houses over 3,000 artifacts on the history and culture of the county, ranging from geology to indigenous peoples to military service
- Under a mile south of Lake Whelchel, a 200-acre public reservoir that serves as the primary water source for Cherokee County and features a public boat ramp, picnic facilities, and a 6.7-mile trail that is part of the Overmountain Victory National Historic Trail
- Within nine minutes from the Cherokee County Public Library main branch, which operates a youth Learning Resource Center, a Job and Career Resource Center, a public access computer lab, and a Heritage Room with genealogy and local history
TAKE A TOUR
Unit Amenities
Community Amenities
We Are Multifamily Investment Professionals
EXPERIENCED SPONSORSHIP TEAM
LEADERSHIP WITH PROVEN TRACK RECORD
CONSERVATIVE
DILIGENT
Why Iveywood Park I & II
- GROCERY STORES
- PARKS AND RECREATION
- NEIGHBORHOOD AMENITIES
- RETAIL AND RESTAURANTS
- Outstanding Value-Add Opportunity
- TRANSPORTATION
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
Michael Shalati
Infrastructure and Sustainability Manager
Riz Zafar
Underwriting Analyst
Genevieve Milan
Infrastructure and Sustainability Manager
Michael M. Sandy
Planning and Development Manager
