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|Année de construction||2019|
|Taille du terrain||
|Number of units||187|
The subject opportunity is a 187-unit independent living community located in the rapidly growing Columbia, South Carolina MSA. The 8.39-acre site is adjacent to a 300-acre lifestyle retail center with more than 50 stores and nearly 300,000 square feet of leasable area. Housing values and income levels within the seven-mile radius are some of the highest in the MSA, and the 75+ population is forecast to grow at a strong 6.2% annually through 2025. Built in 2019, the four-story building is oriented around a central courtyard. Amenities include a resort-style pool, putting green, movie theater, and multiple dining venues.
- Strong Regional Economy – Despite the COVID-19 pandemic, Richland County recorded its best year ever for economic development in 2020, with eight new or expanding companies bringing 1,377 new jobs to the county.
- Growing Demand Base – Within the seven-mile Primary Market Area, the 65+ population is forecast to grow by 3,958 between 2020 and 2025. The 75+ and 85+ populations are also forecast to see strong growth.
- Potential Upside Through Conversion to Active Adult – Buyers who are bullish on the active adult market have the option to begin “unbundling” pricing and convert the property to a limited service Active Adult community over time. This sector is attracting significant capital, and capitalization rates for active adult are lower than independent living.
- Attractive Pricing Relative to Replacement Costs – Although being offered to the market unpriced, it is anticipated that the acquisition cost will be below the current replacement cost of the building.
- Strong Potential Returns – This offering provides prospective buyers the opportunity to acquire a high-quality building in a growing market at pricing below replacement cost. By aggressively completing the lease-up, the winning buyer can achieve a high rate of return on invested capital.