1310 Oakcrest Drive
JLL is pleased to present Crowne Lake ("the Property"), a 272-unit community in Columbia, SC, home to one of the most stable economies in the Southeast. Anchored by state government, higher education, military and healthcare, this "low-beta" market is known for attracting a young, educated renter pool fueled by the University of South Carolina and Fort Jackson, the largest U.S. Army training base in the country. The Property benefits from close proximity to extensive retail as well as immediate access to Columbia's primary employment centers including Downtown, Fort Jackson, and numerous surrounding hospitals and healthcare facilities. Crowne Lake was built and has been well-maintained by current ownership, providing the opportunity to focus on revenue-generating capital expenditures as part of a targeted interior unit upgrade program focused on kitchen and bath remodeling. This will allow a new owner to capture higher rents currently being achieved at newer properties in the market. The combination of location, product quality, and a unique lake front amenity will allow the next owner of Crowne Lake to drive revenue and achieve strong levered and unlevered returns.
Investment Highlights Superior connectivity and visibility along major Interstates I-77 and I-20 including property signage on Windsor Lake visible to 60,700 vehicles per day from I-20 Crowne Lake's micro submarket witnessing new development bringing new jobs, schools and retail amenities with significant barriers to entry for apartment development creating high demand Strong historic organic rent growth of 3-4% over the past 3 years to drive yield for new owner Below-market rents offer rental realignment upside through a value-add program enabled by a $200+ rent gap with renovated peer communities Amenity enhancement strategy will drive rents further with upgraded lake access & gathering areas and the addition of a dog park Submarket growth has attracted upscale apartment product that has lifted the rent ceiling $300-$500 higher than rents at Crowne Lake Untapped other income potential offers $2M+ value creation