Sumter Portfolio – 89 Units

Waterstone Multi-Housing Advisors is pleased to present the Sumter Portfolio which is an 89-unit Section 42, 55+ LIHTC Community located in Sumter, SC. The portfolio consists of two properties: Sumter Place, which is a total of 41 units and Holladay Manor which consists of 48 units.

Both properties are rent restricted for the next 7+ years. Sumter Place, built in 2006 has a unit mix of 9 – Two Bed / One Bath (50% AMI), 21 – One Bed / One Bath (60% AMI), 2 – Two Bed / Two Bath (50% AMI), and 9 – Two Bed / Two Bath (60% AMI). The LURA for this property expires in 2041. Holladay Manor, built in 2001 has a unit mix of 13 – One Bed / One Bath (50% AMI), 5 – One Bed / One Bath (60% AMI), 13 – Two Bed / Two Bath (50% AMI), and 17 – Two Bed / Two Bath (60% AMI). The LIHTC restrictions for Holladay manor expire in 2035. The tenants pay for Electric while the owners pay for Water, Sewer, Trash, & common area Electric.

The new owner also has the ability to have Taxes fully abated by partnering with a non-profit group. The cost to new ownership would be paying 40% of tax savings yearly.

Both properties are in excellent condition and the new owner has the ability to buy two quality assets with no immediate needs at a low-cost basis. The properties are located a few blocks from each other and are in the heart of downtown Sumter which gives easy walkability to many restaurants and retail stores.

Sumter is home to Shaw Air Force Base, which is home to the Air Force’s largest combat F-16 wing – the 20^th Fighter Wing. It also serves as the home to Headquarters Ninth Air Force/U.S. Air Forces Central, Fifteenth Air Force and U.S. Army Central Command. Out of the eight major military installations in the state, Sumter has the third largest military presence by total volume. Some of the major employers in Sumter include Shaw Air Force Base, Pilgrim’s Pride, Tuomey Healthcare System, Sumter School District, Becton Dickinson along with many other major employers within close proximity.

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