Three Oaks Management LLC Acquires 48-Unit Apartment Community in Sumter, South Carolina
Sep 29, 2020, 08:36 ET
SUMTER, S.C., Sept. 29, 2020 /PRNewswire/ -- Charlotte based Three Oaks Management LLC and partners Cornerstone Investment Partners, LLC and LRI USA LLC are pleased to announce their acquisition of Waterforde Place in Sumter, SC. The property is located right in the heart of Sumter, SC.
The garden style property is located on Jessamine Trail, with easy access to Broad Street and just minutes away from Shaw Air Force Base. The new owners intend to complete a deferred maintenance correction program, along with light unit interior upgrades on select units as units turn. In addition, they will put in place an individual garage rental program, which will generate additional income.
The property benefits from an outstanding location. Sumter has a diverse economy, with manufacturing, retail trade, educational services, health care and social assistance, and accommodation and food services comprising the biggest sectors of the workforce.
The three companies are bullish about the Sumter market, as it is strong tertiary market in South Carolina. The Southeast markets are experiencing a high growth period which should carry on for the foreseeable future with strong employment growth and increase in population.
"This is a great acquisition for our investors. Our focus is on buying at the right price, adding value, and at the same time offering great service to our tenants," says Charles Seaman.
The property will be managed by Bridgepoint Property Management, LLC, a professional property management company with an existing presence in the Sumter market and a strong presence throughout North Carolina and South Carolina.
Three Oaks Management LLC is a privately held acquisition and asset management company. Based in Charlotte, it focuses on the multifamily market. It provides above average returns to its partners and investors through a meticulously planned value-add program.
For more information please contact:
THREE OAKS MANAGEMENT LLC
Phone: (347) 306-3278
Email: [email protected]
SOURCE Three Oaks Management LLC
