Investment Overview

Marcus & Millichap is pleased to present Lake Hartwell Villas, a 108-unit single-sponsor-controlled condominium platform in Westminster, South Carolina. Positioned minutes from Lake Hartwell — one of the Southeast's largest recreational reservoirs — and bisected by the I-85 corridor between Atlanta and Charlotte, the property represents a rare governance-controlled lake-access condominium acquisition in a supply-constrained submarket. The offering is a mid-renovation value-add priced at $11,400,000, or ~$105,556 per unit — materially below sponsor cost and regional replacement cost. The seller has invested $3,000,000+ into a unit-by-unit renovation across four phases, replacing roofs, HVAC, electrical, plumbing, water heaters, flooring, kitchens, baths, and exterior envelope. Phase I (13 units) is fully delivered and generating in-place income from long-term residents and an active Airbnb program; Phase II (28 units) is 21% complete with 22 in progress; Phases III and IV (59 units combined) plus eight unassigned-phase units are mid-renovation, with major mechanical systems installed and finish work remaining. Because 108 of the 114 units convey together, the buyer steps into day-one supermajority control of the Lake Hartwell Villas POA — a position rarely available in condo acquisitions. The POA is established under the SC Horizontal Property Act (§27-31-10 et seq.) and governed by a Master Deed recorded April 27, 2023 (Oconee County Book 2934, Page 9). STR is permitted under the Master Deed, and the Phase I Airbnb program proves active lake recreation demand.