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Hampton Place – 48 Units

825 Tomlinson Street


29556

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Property Id : 29548
acres: 4
Year Built: 1970
Units: 48
Floors No: 2

About this property

Waterstone Multi-Housing Advisors is pleased to present the Hampton Place Apartments; a 48-unit Garden style apartment complex located in Kingstree, SC.

Hampton Place is located in the small town of Kingstree nestled under majestic oaks in eastern South Carolina. It’s centrally located between Columbia, Charleston and Myrtle Beach markets. The market is tertiary by nature and is the seat of the local county government. The property is three minutes from downtown, three minutes from Williamsburg Hospital, four minutes from the nearest college, five minutes from the nearest shopping district and directly adjacent to Tomlinson High School & W.M. Anderson Primary School. The tenant mix and city of Kingstree is primarily targeted toward the workforce housing market segment.

The current owner has implemented over a million dollars in Capital Improvements since acquiring the property in 2020. Below is a breakdown of the capital improvements within the last year:

  • All new roofs
  • 43/48 units fully remodeled. The last 5 units should be fully renovated within the next month
  • 43 brand new A/C units & water heaters so far
  • New plumbing/drainage installed
  • New electrical panels installed
  • All new landscaping design
  • New mailboxes installed
  • Fully renovated laundry facility
  • Stucco on the 1st level of all buildings
  • All buildings have been painted

The current owner has just started increasing the rents in the 1-bedroom units to $550, 2-bedroom units to $600, 3-bedroom units to $650- and 4-bedroom units to $700. Although almost all of the renovations have been completed and with the new rents established, the rent for each unit is still much less than other similar comparable properties in the area. With little to no upgrades needed, the future investor will have the ability to increase rents $150-200 per unit by the end of year 1. This information is backed up by rent comps nearby that are already achieving this rent premium.

This deal is primed for an investor looking to acquire a recently renovated property that is set up to achieve significant NOI growth within 1-2 years. With a majority of the rehab work already completed, this property is set to become an outstanding investment and top performing asset in this area.

 

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