DLP Real Estate Capital announced its acquisition of Peppertree, a 353-unit multifamily apartment community located in North Charleston, SC. The property was purchased in a joint venture with Arabella Capital. The acquisition marks the fifth DLP-owned multifamily property in the state, continuing the growth of DLP’s portfolio of over 10,000 rental homes.
The Peppertree multifamily apartment community, located on 14 acres in close proximity to top local employers, comprises sixty-one 1-and 2-story residential buildings. Amenities include a clubhouse, two laundry buildings, and swimming pool.
The property benefits from remarkable demographics within a 3-mile radius and provides solid household incomes and employment.
The location is also well-positioned for long term success due to a limited supply of units either under construction or proposed. Major employers are consistently driving economic growth in the area and residents enjoy being in close proximity to a variety of high-end retail in North Charleston.
The property has enjoyed exceptional monthly rent growth in the prior twelve months with additional avenues to generate income as DLP Real Estate Management takes over operations. Peppertree offers an outstanding opportunity to see a 20% + ROI by completing the in-place value-add program, with 83% of units left to renovate.
Don Wenner, Founder and CEO commented, “We are thrilled to add the Peppertree apartment community to our real estate portfolio. The property presents the opportunity for strong value-add rent growth through a robust interior renovation strategy coupled with the expertise of our DLP property management execution.”