Multifamily
Highlander Apartments
100 Highland Forest Dr, Greenwood, SC 29646
Listing Price: $2,100,000
Investment Overview
Marcus & Millichap is pleased to present Highlander Apartments, a 32-unit multifamily community situated on approximately 2.51 acres in Greenwood, South Carolina. Originally built in 1980 and substantially renovated beginning in 2022, the property offers a stabilized rent roll, modernized interiors, and limited deferred maintenance.
Approximately $160,000 in recent capital improvements have been completed across the property, including $75,000 in unit-level renovations, $45,000 in new flooring, $30,000 in HVAC replacements, and $10,000 in new water heater tanks. All 32 units have been renovated within the past two years, and the existing roof carries an estimated 10-year remaining useful life, further reducing near-term capital exposure for a new owner.
Highlander Apartments presents a compelling value-add opportunity driven by an inflated water expense line that can be materially reduced through implementation of a tenant utility billback program. A new owner can capture immediate operational savings while benefiting from a fully renovated unit base, stable Upstate South Carolina demand fundamentals, and minimal near-term capex requirements.
Greenwood, South Carolina anchors a diversified Upstate economy spanning advanced manufacturing, healthcare, and life sciences, with major employers including Lonza, the Greenwood Genetic Center, Teijin Carbon America, Eaton, Self Regional Healthcare, and Cardinal Health. The presence of Lander University and Piedmont Technical College supports a steady pipeline of workforce renters, and Greenwood’s central position among Atlanta, Charlotte, Greenville, Columbia, and Augusta continues to drive consistent rental demand.
Highlander Apartments
Investment Highlights
- Water Billback Upside: Opportunity to implement utility billbacks, reducing inflated water expenses and improving operational efficiency.
- Fully Renovated Interiors: All 32 units renovated within the past two years, including $45K in new flooring and $75K in apartment upgrades.
- Recent Capital Investment: Over $160K in recent capex spanning unit renovations, HVAC, water heaters, and flooring across the property.
- Updated Mechanical Systems: $30K HVAC replacement and $10K in new water heater tanks, reducing near-term capital needs for a new owner.
- Strong Roof Life Remaining: 10-year-old roof with substantial useful life remaining, minimizing immediate exterior capital exposure.
- Greenwood, SC Location: Positioned in a stable Upstate South Carolina market with consistent demand from local workforce and renters.
Listing Price: $2,100,000
Investment Highlights
- Water Billback Upside: Opportunity to implement utility billbacks, reducing inflated water expenses and improving operational efficiency.
- Fully Renovated Interiors: All 32 units renovated within the past two years, including $45K in new flooring and $75K in apartment upgrades.
- Recent Capital Investment: Over $160K in recent capex spanning unit renovations, HVAC, water heaters, and flooring across the property.
- Updated Mechanical Systems: $30K HVAC replacement and $10K in new water heater tanks, reducing near-term capital needs for a new owner.
- Strong Roof Life Remaining: 10-year-old roof with substantial useful life remaining, minimizing immediate exterior capital exposure.
- Greenwood, SC Location: Positioned in a stable Upstate South Carolina market with consistent demand from local workforce and renters.
Investment Overview
Marcus & Millichap is pleased to present Highlander Apartments, a 32-unit multifamily community situated on approximately 2.51 acres in Greenwood, South Carolina. Originally built in 1980 and substantially renovated beginning in 2022, the property offers a stabilized rent roll, modernized interiors, and limited deferred maintenance. Approximately $160,000 in recent capital improvements have been completed across the property, including $75,000 in unit-level renovations, $45,000 in new flooring, $30,000 in HVAC replacements, and $10,000 in new water heater tanks. All 32 units have been renovated within the past two years, and the existing roof carries an estimated 10-year remaining useful life, further reducing near-term capital exposure for a new owner. Highlander Apartments presents a compelling value-add opportunity driven by an inflated water expense line that can be materially reduced through implementation of a tenant utility billback program. A new owner can capture immediate operational savings while benefiting from a fully renovated unit base, stable Upstate South Carolina demand fundamentals, and minimal near-term capex requirements. Greenwood, South Carolina anchors a diversified Upstate economy spanning advanced manufacturing, healthcare, and life sciences, with major employers including Lonza, the Greenwood Genetic Center, Teijin Carbon America, Eaton, Self Regional Healthcare, and Cardinal Health. The presence of Lander University and Piedmont Technical College supports a steady pipeline of workforce renters, and Greenwood’s central position among Atlanta, Charlotte, Greenville, Columbia, and Augusta continues to drive consistent rental demand.
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