THE PROPERTY
The Beacon Ridge Apartment Community is 144 garden style apartments located in Greenville, South Carolina.  The community, constructed in 1988, has a clubhouse/leasing office and 8 three-story buildings.  Amenities include outdoor swimming pool & spa, laundry center, fitness center, business center, car wash and picnic areas.  There are one-, two- and three-bedroom units with an average size of 1,047 square feet.  All apartments have air conditioning, heat, refrigerator, dishwasher, washer/dryer connections, garbage disposal and porches/balconies with outside storage.  Select units have wood-burning fireplaces, vaulted ceilings, sunken living rooms, bay windows, and built-in bookshelves and/or computer workstations.

In the late 1980’s, many builders used polybutylene plumbing in place of copper.  Unfortunately, polybutylene has proven to be a defective product and after several years it deteriorates and begins to leak.  Management has budgeted $300,000 to replace all polybutylene piping at Beacon Ridge. 

LOCATION
The neighborhood, surrounding the community, is very upscale and is the premier location within the Greenville suburbs. Tenants have immediate access to Interstate 385 and in only 12-15 minutes can be on Interstate 85 and the major employment centers located along that corridor.  Major destination and convenience shopping is within five minutes, and there are multiple employment centers located within ten minutes of the property.

POPULATION/ECONOMY
The Greenville-Spartansburg Metro Area consists of five counties and has evolved from a textile based economy to a vibrant and diversified economy which is home to one of the largest multi-national business concentrations in the nation.  The best known example is BMW’s first American auto assembly plant.

GOALS
It is the Partnership’s goal, over the holding period, to increase the net operating income of the property by offering the tenants an attractive living environment.  The Partnership believes the property can produce attractive operating cash flow and be sold at a gain. The General Partner will determine when the property will be sold and will continually evaluate an appropriate sales strategy.  The timing of the sale will depend upon the condition of and prospects for the multi-family real estate market, value of the property, need for property repairs and due date of the Partnership’s mortgage loan.  It is anticipated that a sale will occur between years five and ten.

To learn more about Beacon Ridge Apartment Community, visit their listing on apartments.com.