Westwood Estates | 100 Riverbend Dr
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Westwood Estates 100 Riverbend Dr
419 Unit Apartment Building For Sale West Columbia, SC 29169
Investment Highlights
- Proven value-add strategy and opportunity to stabilize through implementation of professional property management and continued unit renovations.
- Just across the river from Downtown Columbia/USC campus, with convenient commuter access to major nearby employers.
- Conveniently located on US 378 in the heart of an expanding West Columbia community, and in close proximity to new and exciting projects.
- Attractive unit mix of one-, two-, and three-bedroom apartments with several floor plan options.
Executive Summary
Located just two miles from Downtown Columbia along Highway 378, Westwood Estates resides on an expansive 20.31-acre site and offers an attractive array of one-, two-, and three-bedroom units with a variety of floor plan options with ample green space and amenities
for tenants to enjoy.
Current ownership has invested over $7.5MM in the property, addressing deferred maintenance needs, upgrading the property’s amenities, and making upgrades and repairs to the interior units. Although some of the interior units were upgraded, there is additional value-add to be achieved by upgrading the remaining interior units and making additional amenity enhancements.
100 of the 419 units have received a “Premium” renovation package, which includes the installation of LVT flooring, new appliances, cabinetry, countertops, and hardware fixtures. These upgrades have averaged $12,000 and yield a premium of ~$100 across all unit types. The demand for renovated units suggests there is room to push these rents higher. There are 39 down units remaining on the property that can be upgraded to a similar
280 of the 419 units have received a “Standard” renovation package, which includes necessary unit repairs and cosmetic upgrades.
By completing the proven value-add upgrades to the remaining standard units and utilizing a professional property management team the new owner has an opportunity to significantly boost revenue on the property.
for tenants to enjoy.
Current ownership has invested over $7.5MM in the property, addressing deferred maintenance needs, upgrading the property’s amenities, and making upgrades and repairs to the interior units. Although some of the interior units were upgraded, there is additional value-add to be achieved by upgrading the remaining interior units and making additional amenity enhancements.
100 of the 419 units have received a “Premium” renovation package, which includes the installation of LVT flooring, new appliances, cabinetry, countertops, and hardware fixtures. These upgrades have averaged $12,000 and yield a premium of ~$100 across all unit types. The demand for renovated units suggests there is room to push these rents higher. There are 39 down units remaining on the property that can be upgraded to a similar
280 of the 419 units have received a “Standard” renovation package, which includes necessary unit repairs and cosmetic upgrades.
By completing the proven value-add upgrades to the remaining standard units and utilizing a professional property management team the new owner has an opportunity to significantly boost revenue on the property.
Data Room Click Here to Access
- Offering Memorandum
Property Facts Under Contract
| Sale Type | Investment | Building Size | 336,381 SF |
| No. Units | 419 | Average Occupancy | 70% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1968/2023 |
| Apartment Style | Garden | Parking Ratio | 1.72/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 20.31 AC |
| Sale Type | Investment |
| No. Units | 419 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 20.31 AC |
| Building Size | 336,381 SF |
| Average Occupancy | 70% |
| No. Stories | 3 |
| Year Built/Renovated | 1968/2023 |
| Parking Ratio | 1.72/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Washer/Dryer Hookup
- Ceiling Fans
- Tile Floors
- High Speed Internet Access
- Refrigerator
- Satellite TV
- Range
- Walk-In Closets
- Carpet
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Fitness Center
- Laundry Facilities
- Picnic Area
- Playground
- Pool
- Property Manager on Site
- Tennis Court
- Grill
- Laundry Service
- Pet Play Area
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PROPERTY TAXES
| Parcel Number | 004665-01-001 | Improvements Assessment | $1,174,794 |
| Land Assessment | $40,389 | Total Assessment | $1,215,183 |
PROPERTY TAXES
Parcel Number
004665-01-001
Land Assessment
$40,389
Improvements Assessment
$1,174,794
Total Assessment
$1,215,183
zoning
| Zoning Code | RD (rd) |
| RD (rd) |
-
Ryan Lipomi -
William Graves -
Nate McDaniel -
Marcus & Millichap
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Westwood Estates | 100 Riverbend Dr
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