300 North Highway 25 Bypass in Greenville, SC

The Opportunity

A group of veteran multifamily investors with more than 4,000 units under management wanted to purchase an 82-unit garden-style apartment complex portfolio in Greenville, SC. With occupancy at just 67% and rents averaging $200 below market per unit, the property had a lot of potential for increased revenue and profits. But it needed significant rehab and property management work to unlock this value.

The Solution

Lima One Capital recognized the potential of the property based on the investors’ plan, and underwrote the property based on the after-repair value. This approach enabled Lima One to loan the investors $6.13M at 70% LTV, giving the investors the opportunity to drive significant profits through their value-add project.