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  • Sold
The Whitley - #1

IMMEDIATE VALUE-ADD UPSIDE & 12% ORGANIC RENT GROWTH IN THE LAST 2 MONTHS


Colliers is pleased to present The Whitley, a 250-unit garden-style community with immediate value-add upside located in the rapidly growing Greenville, SC MSA. Built in 1995, The Whitley offers a first-class amenity package and units with varying finish levels. 102 units (41%) are in classic condition featuring original cabinets, tile flooring, and laminate countertops. 134 units (54%) of units have received modest upgrades such as stainless-steel appliances and hardwood-style flooring to generate monthly premiums of $25 to $100/unit. Current ownership recently renovated 14 units (5%) with modern white shaker cabinets, hardwood-style floors, stainless-steel appliances, and upgraded lighting and fixtures to achieve monthly premiums up to $220/unit above classic units. New ownership is afforded flexibility to either continue the successful renovation execution or elevate all units to a unified higher price point. Recently infused with significant capital to replace most of the roofs and HVAC units, the property is achieving outstanding organic rent growth, 12% on new leases over the last two months, allowing new ownership to focus on unit interior revenue-generating improvements. Minutes from Clemson University and major employers in Greenville, SC, The Whitley represents an ideal value-add opportunity with considerable room to push top-line rent growth.

  • 06/01/2022
  • 100 Cross Creek Court, Central, SC 29360