Source: Drucker + Falk
PAWLEYS ISLAND, SC - DF Ventures, a business unit of Drucker + Falk, one of the nation’s most prominent multifamily management companies, in partnership with Eastham Capital, a private equity investment company, acquired Litchfield Oaks Apartments in scenic and idyllic Pawleys Island, South Carolina for $28.24M in September 2019.
A garden style property built in 1999, Litchfield Oaks features a mix of unit types with open floor plans, a saltwater pool with sundeck and grilling station, clubhouse, fitness center, and dog park. Steps away from the best shopping, dining, and entertainment that the South Strand has to offer and a short drive away from a wide variety of activities. the community is located along the South Carolina coastline near Myrtle Beach, Surfside Beach, and Historic Georgetown.
DF Ventures has an ambitious value-add strategy for Litchfield Oaks, including modernizing the clubhouse, enhancing curb appeal, and updating unit interiors. Drucker + Falk, one of the most respected property management companies in the country and designated as one of the “Best Places to Work in Multifamily” three years in a row, also plans to institute professional management practices and a more targeted approach to marketing.
“The acquisition of Litchfield Oaks represents an opportunity to purchase a quality asset within a high barrier-to-entry market. Drucker + Falk will focus on increasing the income stream and the value of the property through strategic capital improvements and quality management,” said Eric Skow, acquisitions manager at DF Ventures.