SUMTER, SC - Charlotte based Three Oaks Management LLC and partners Cornerstone Investment Partners, LLC and LRI USA LLC are announced their acquisition of Waterforde Place in Sumter, SC. The property is located right in the heart of Sumter, SC.
The garden style property is located on Jessamine Trail, with easy access to Broad Street and just minutes away from Shaw Air Force Base. The new owners intend to complete a deferred maintenance correction program, along with light unit interior upgrades on select units as units turn. In addition, they will put in place an individual garage rental program, which will generate additional income.
The property benefits from an outstanding location. Sumter has a diverse economy, with manufacturing, retail trade, educational services, health care and social assistance, and accommodation and food services comprising the biggest sectors of the workforce.
The three companies are bullish about the Sumter market, as it is strong tertiary market in South Carolina. The Southeast markets are experiencing a high growth period which should carry on for the foreseeable future with strong employment growth and increase in population.
"This is a great acquisition for our investors. Our focus is on buying at the right price, adding value, and at the same time offering great service to our tenants," says Charles Seaman.
Source: Three Oaks Management