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Landmark Woods & Basswood Closing Update

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Sunbelt Fund II Updates > Landmark Woods & Basswood Closing Update

Landmark Woods & Basswood


Landmark Woods and Basswood Apartments are 104-unit and 56-unit communities in Florence, SC. Built in 1972 and 2001, the properties are well maintained, arriving to us with >$1 million of Capex spent over the last 8 years. While the owner has done light upgrades to a handful of the units at Landmark Woods, they have not taken on any type of systematic renovation program. Ballast Rock will leverage our experienced in-house management team to capture $90-$150 rental premiums per month, significantly improving both properties performance and returns.
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Details on the Landmark Woods & Basswood​ Closing

  • Landmark Woods boasts a median income of $58,018 and $49,145 in the 1- and 3-mile areas. *
  • Within a 2-mile radius, 25% of all employees work in education & health services (industries we view as stable employers).*
  • Basswood Apartments has a median income of $79,608 and $59,407 within 1- and 3-mile areas.*
  • Within a 2-mile radius, 46% of all employees work in education & health services.*
  • Both Landmark Woods and Basswood Apartments are well located in Florence, affording close proximity to strong economic drivers. 
  • Both properties are within 15 minutes of Francis Marion University. Landmark Woods is 8 minutes from Florence’s McLeod Medical Center, while Basswood is 6-minutes from MUSC. McLeod Health and MUSC are the largest and third largest employers in Florence, respectively.*
  • Prior to our acquisition, the previous owner completed light renovations, which were primarily focused on replacing flooring in just under 40% of Landmark Woods’ units. With these light renovations complete and Basswood featuring 100% classic units, both Landmark Woods and Basswood are primed for our systematic value-add program.
  • Our plan for these two properties is to take on medium upgrades (appliances, countertops, hardware, flooring, and cabinets). Due to the strong upkeep of the property, we have budgeted approximately 5.5% of the purchase price to invest in renovations and amenity improvements to over the next few years. Through our medium upgrades, we will raise rents an average of $115.
  • Since our original underwriting in June, the property’s financials have continued to perform well. Average rents have increased by 3.85% at Basswood and 1.1% at Landmark Woods (respectively). Occupancy has also remained in the high 90%s for both properties.
  • Landmark Woods and Basswood are centrally located between Fayetteville, NC, where our Regional Manager is based, and Gleneagle, our property in Columbia, SC. This proximity to our other assets gives us confidence that we will be able to hit the ground running operationally, avoiding hiccups that often occur during asset take-over.
  • Landmark Woods and Basswood’s location within Florence is superb. Landmark is within 3 miles of Orange Theory, Florence Country Club, Magnolia Mall, Florence Mall and a Walmart Super Center. Meanwhile, Basswood is within 3 miles of Lowes Home Improvement, another Walmart Super Center and Friendship Park.
  • While this is a split property portfolio, Landmark Woods and Basswood Apartments are only a seven-minute drive from each other, affording us economies of scale from a management perspective as we can run both properties out of Landmark Woods’ leasing office.
  • The two properties also offer an attractive mix of floor plans including: 1bd/1bth, 2bd/2bth, 2bd/2bth + retreat and 3bd/2bth

*CoStar data

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The information contained on the Ballastrock.com web site has been prepared by Ballast Rock Holdings LLC (“Ballast Rock”) without reference to any particular user’s investment requirements or financial situation. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a private offering of securities.  An investment in private securities would be speculative and would involve a high degree of risk. Investors must be prepared to bear the economic risk of such an investment for an indefinite period of time and be able to withstand a total loss of their investment. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest.  All private placements of securities and other broker dealer activities are currently offered through a partnership with Independent Brokerage Solutions LLC MEMBER: FINRA / SIPC (“IndieBrokers”), which is located at 485 Madison Avenue 15th Floor New York, NY 10022. (212) 751-4424. Ballast Rock Holdings LLC and its affiliates are independent and unaffiliated with IndieBrokers.  Any securities transactions or related activities offered by Ballast Rock associated persons are conducted in their capacities as registered representatives of IndieBrokers.  Please see our Form CRS. 
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  • Home
  • What We Do
    • Real Estate >
      • Multifamily
    • Ventures >
      • Acronym Venture Capital
      • Louisiana Green Fuels
    • Capital Advisory
  • About Us
    • Our Story
    • Leadership
  • Fund Updates
    • Acronym VC Fund
    • Louisiana Green Fuels
    • Sunbelt Fund II
    • Sunbelt Fund I
  • Education
    • Portal "How To"
    • Corporate Deck
    • Articles
    • Press >
      • Lument Workforce Housing Webcast
      • CoStar Gleneagle Article
      • CoStar Coleman Article
      • Multifamily Executive
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