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Multifamily

Chimney Cove Apartments

839 William Hilton Pkwy, Hilton Head Island, SC 29928

Listing Price: Request For Offer

Number of Units
52
Occupancy
93.5%
Gross SF
43,830

Investment Overview

Chimney Cove, having recently received renovations and upgrades, represents an opportunity for an investor to acquire a property in a highly segmented market that benefits from little to no competition. There are two other market rate communities on the island (Marsh Point and WaterWalk @ Shelter Cove) with rent structures that are substantially above the rent structure at Chimney Cove. This presents an investor the opportunity to continue maintaining and pushing rents as leases turnover. With the assumption that the loss to lease is eliminated, and that Hilton Head continues to generate 3.0%± rent growth each year this property proves to be an attractive opportunity for investors. This property as presents a unique opportunity for redevelopment and/or addition of rental units. This property was previously approved for a larger development on this 8.5± acre site and an investor could pursue a larger development to compete with some of the new construction on the island. A new build property would benefit from exporsure to US-278 and full access from the highway with left-in left-out and right-in right-out access.

Investment Highlights

  • Opportunity for rent growth within a highly segmented, low competition market
  • Strong historical occupancy trends on Hilton Head Island that are expected to continue in the future
  • Large lot that could allow for additional development

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
52
Occupancy
93.5%
Gross SF
43,830

Investment Highlights

  • Opportunity for rent growth within a highly segmented, low competition market
  • Strong historical occupancy trends on Hilton Head Island that are expected to continue in the future
  • Large lot that could allow for additional development

Investment Overview

Chimney Cove, having recently received renovations and upgrades, represents an opportunity for an investor to acquire a property in a highly segmented market that benefits from little to no competition. There are two other market rate communities on the island (Marsh Point and WaterWalk @ Shelter Cove) with rent structures that are substantially above the rent structure at Chimney Cove. This presents an investor the opportunity to continue maintaining and pushing rents as leases turnover. With the assumption that the loss to lease is eliminated, and that Hilton Head continues to generate 3.0%± rent growth each year this property proves to be an attractive opportunity for investors. This property as presents a unique opportunity for redevelopment and/or addition of rental units. This property was previously approved for a larger development on this 8.5± acre site and an investor could pursue a larger development to compete with some of the new construction on the island. A new build property would benefit from exporsure to US-278 and full access from the highway with left-in left-out and right-in right-out access.

Exclusively Listed By

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