DOGWOOD APARTMENTS – 22 UNITS IN BEAUFORT, SC

SOLD: $2,315,000 or $105,228 per unit

DATE: 7/23/24

Deaton GREA is pleased to present the exclusive listing for Dogwood Apartments, a 22-unit apartment community in Beaufort, SC. Beaufort is a charming city located just north of Hilton Head Island in the Lowcountry region of South Carolina. The city is primarily known for its beaches, historic architecture, natural beauty, and vibrant community. The city’s economy is primarily driven by tourism, hospitality, healthcare, and military installations such as the Marine Corps Recruit Depot Parris Island and Marine Corps Air Station Beaufort.

Built in 1987, the property consists of three buildings situated on approximately 1.25 acres and features 22 townhome-style units with identical two-bedroom, one-and-a-half bathroom floorplans. The property boasts 100% occupancy with an average in-place rent of $1,140 while recent leases have achieved $1,175 on basic turns. The property has polybutylene plumbing and copper wiring.

Southside Park, located less than 0.5 miles from the property, is a convenient amenity that the residents enjoy. The City of Beaufort recently released a “Master Plan” to make improvements to the park amounting to approximately $6M in total.

This offering represents an opportunity to acquire a stabilized asset with the ability to increase income through strategic value-add improvements.