Ridgewood Run

Investment Overview

Ridgewood Run offers investors the opportunity to acquire a substantially renovated, 75-unit multifamily community in Chester, South Carolina with multiple opportunities to grow NOI. The property consists of 74 two-bedroom, one-bath units approximately 715 square feet and 1 one-bedroom, one-bath unit at 500 square feet, with current rents averaging approximately $810 per month. New ownership can continue the existing unit renovation program and improve operations through active hands-on management by improving occupancy, collections, tenant retention, and overall operations. Current ownership has already completed significant capital improvements throughout the property. 16 of the property's 19 roofs were replaced in 2024, all building exteriors have been painted and improved, and numerous unit interiors have been renovated. 39/75 units currently renovated. Interior improvements have included new flooring, paint, cabinets, water heaters, fixtures and appliances, reducing near-term capital needs while leaving additional renovation upside for the next owner. One of Ridgewood Run's strongest advantages is its existing nonprofit property tax abatement with SAHA, which currently reduces real estate taxes to $0. The exemption was secured prior to the June 30, 2026 cutoff affecting most new applications, creating a significant operating advantage that is increasingly difficult for new buyers to replicate. SAHA has indicated that the preferred structure for preserving the abatement is an entity-purchase. Chester County also continues to attract major employers and new investment along the I-77 corridor. Since 2020, the county reports approximately $2.5 billion in new capital investment and more than 1,460 announced jobs. Recent growth includes IKO's new manufacturing facilities, which represent a $363 million investment and 180 jobs, along with additional industrial development throughout the county.

Investment Highlights

• Property Tax Abatement – The Property currently benefits from an approved 10-year property tax abatement expiring in 2034, established prior to South Carolina’s June 30, 2026 moratorium on most new nonprofit housing exemption applications. The abatement is not automatically assumable through a conventional property sale. SAHA has indicated that the preferred structure for preserving the existing abatement is an entity-level transfer, whereby the purchaser acquires the 99.99% ownership interest while the existing property-owning entity and SAHA’s interest remain in place. (Current cost: $2,970.92/month to nonprofit partner.)
• Continued Value-Add Opportunity - 39/75 units currently renovated. Additional unit renovations provide a clear path to increasing rents and improving property performance.
• Management-Driven Upside – Despite increasing average rents from approximately $515 to $810 and materially improving occupancy since acquisition, Ridgewood Run has experienced ongoing third-party management challenges. New ownership should expect an active management assignment, with an opportunity to improve occupancy, collections, tenant retention, and overall operations through a more hands-on approach.
• Significant Capital Improvements Completed - 16 of 19 roofs replaced in 2024, building exteriors improved, and numerous interiors already renovated.
• Strong Chester County Job Growth - Chester County has attracted approximately $2.5 billion in new investment and 1,460+ announced jobs since 2020, supporting continued workforce housing demand.
• Growing Manufacturing Base - Major area employers include Giti Tire, MUSC Health, Boise Cascade, Carolina Poly, Guardian Industries and ATI, with recent additions including IKO and Officine Maccaferri.
• Strategic I-77 Location - Chester provides convenient access to the growing Charlotte-to-Columbia corridor while maintaining an affordable cost of living and workforce housing base.