Arabella Capital is excited to announce our first apartment acquisition for the Arabella Capital Residential Fund. The Peppertree apartment community has 353 units and is located in the perfect area of North Charleston, South Carolina.
The asset is situated off Dorchester Road in close proximity to the top employment drivers in North Charleston where large investments have continually been made to expand and strengthen the Charleston job market. Built in 1983 and 1989, Peppertree offers an outstanding opportunity to see a 25% Return on Investment by completing the in-place value-add program, with 83% of units left to renovate generating proven premiums of $155. Peppertree also offers potential investors attractive assumable in-place agency financing with a low interest rate.
Located in a bustling area of North Charleston, the area surrounding Peppertree provides exceptional household incomes and predominantly white-collar employment. The outstanding demographics in this area have grown immensely since 2010 and are forecast to rise even more with new white-collar job expansions announced across the Charleston area as household incomes are expected to increase by ~14% through 2024 and residents with Bachelor’s degrees or higher are anticipated to increase presence in the area by 11% through 2024. 16% of Charleston’s population is between 25-34, the highest concentration of young professionals of all US mid-sized cities. Easy access to Dorchester Road, I-526, and I-26, affords this demographic and residents of Peppertree seamless connectivity to Charleston County’s major employers such as Boing, Bosch, and Google.
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