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Location:
Greenville, South Carolina
Property Description:
A 172 unit, Class “B” apartment project built in 1983, situated in the heart of the “Uptown” area of Greenville, South Carolina.
Titan’s Mission:
Reposition an under-performing, well-located, Class “B” apartment complex as an exclusive residence, positioning the investment team to capitalize on the flourishing Greenville, SC market.
Titan’s Strategy:
- Rename the property (formerly known as “Orchard Park”) to launch a new identity and implement a marketing campaign to emphasize the property’s carefree lifestyle and outstanding amenities.
- Fast-track a series of dramatic amenity improvements to the property including the complete renovation of the clubhouse and pool area. This improvement also includes the construction of a 1,500 square foot fitness center building, outdoor kitchen and sand volleyball court.
- Build and launch a custom website to not only market the property, but include interactive resident tools to create community and make rental living more convenient and enjoyable. Also employ deliberate, search engine-based marketing initiatives to drive traffic to the site.
- Rebuild an 8-unit residential building that had burned down, and upgrade that building’s interiors to test the market for upgraded pricing.
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Titan
Accomplished:
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In the first year of ownership, rents increased by 27 % over asking rents at the time of purchase and 59% over some in place rents. |
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All renovations were completed in the first 9 months of ownership, creating the opportunity to rapidly increase rents to market rates. |
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The property was re-branded as “Rosemont at Patewood”, peeling away the stigma attached to the former name, and allowing prospects to view the community as a new, trendy place to live. |
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The new website was successfully launched and has become a widely- used selling tool and method of communication with new prospects. |
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