202 E. Liberty Street
About this property
Waterstone Multi-Housing Advisors is pleased to present Garden Circle Apartments, a 50-unit complex located in Sumter, SC. The County of Sumter is surrounded on all sides by Interstates 95, 20, 77 and 26. It’s located approximately 45 miles east of the state capital, Columbia, 100 miles north of Charleston, SC (one of busiest ports on east coast) and 145 miles south of Greenville.
Garden Circle is a 50-unit, mid-rise, all brick apartment complex with 8 stories. The property is conveniently located in the heart of downtown Sumter which provides easy access to the city for its residents. Previously, the complex was used as a Senior housing facility, however a few years ago it was converted to a conventional property as it now houses Seniors, Military workers and working-class individuals. The property has on-site parking and is within walking distance to many restaurants, retail stores and other local shops.
Sumter is home to Shaw Air Force Base, which is home to the Air Force’s largest combat F-16 wing – the 20th Fighter Wing. It also serves as Headquarters U.S. Air Forces Central Command, U.S. Army Central and 15th Air Force. 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.
Sumter is home to University of South Carolina-Sumter, Central Carolina Technical College, Troy University and Morris College.
CapEx within the last few years includes a new roof, new elevator and new LED lighting. This asset has rents that are well below the market average and is considered a value-add play with the proper upgrades. The property is sub metered; however, the current owner hasn’t set up the utilities in the tenant’s name. This offers a unique opportunity for an investor to cut operating costs by placing the Utilities into the tenant’s hands.
Amenities for the property include:
- On-Site Laundry
- Lounge Center
- On-Site Office
- On-Site Parking
- Thru-Wall Heat & Air