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Lake Hartwell Villas 10 Kinston Manor Dr 108 Unit Apartment Building $15,509,814 CAD ($143,609 CAD/Unit) Westminster, SC 29693
Investment Highlights
- Deep Value-Add Lease-Up: Significantly under-occupied today. Buyer drives NOI from day 1 via Long Term Rental, Short Term Rental, or hybrid execution.
- $3M+ Invested Across Four Renovation Phases: Roofs, HVAC, electrical, plumbing, flooring, kitchens, baths. Capex materially de-risked (see Rent Roll).
- Lake Hartwell / I-85 Corridor: Minutes to a 56,000-acre USACE reservoir on the Atlanta–Charlotte corridor.
- 108-Unit Sponsor-Controlled Condo Platform: Day-one supermajority POA control. Buyer sets budget, governance, and rental policy at closing.
- STR Permitted in the Master Deed: Three Phase I units on Airbnb today. Optionality across LTR, STR, and blended strategies.
Executive Summary
Marcus & Millichap is pleased to present Lake Hartwell Villas, a 108-unit single-sponsor-controlled condominium platform in Westminster, South Carolina. Positioned minutes from Lake Hartwell — one of the Southeast's largest recreational reservoirs — and bisected by the I-85 corridor between Atlanta and Charlotte, the property represents a rare governance-controlled lake-access condominium acquisition in a supply-constrained submarket.
The offering is a mid-renovation value-add priced at $11,400,000, or ~$105,556 per unit — materially below sponsor cost and regional replacement cost. The seller has invested $3,000,000+ into a unit-by-unit renovation across four phases, replacing roofs, HVAC, electrical, plumbing, water heaters, flooring, kitchens, baths, and exterior envelope. Phase I (13 units) is fully delivered and generating in-place income from long-term residents and an active Airbnb program; Phase II (28 units) is 21% complete with 22 in progress; Phases III and IV (59 units combined) plus eight unassigned-phase units are mid-renovation, with major mechanical systems installed and finish work remaining.
Because 108 of the 114 units convey together, the buyer steps into day-one supermajority control of the Lake Hartwell Villas POA — a position rarely available in condo acquisitions. The POA is established under the SC Horizontal Property Act (§27-31-10 et seq.) and governed by a Master Deed recorded April 27, 2023 (Oconee County Book 2934, Page 9). STR is permitted under the Master Deed, and the Phase I Airbnb program proves active lake recreation demand.
The offering is a mid-renovation value-add priced at $11,400,000, or ~$105,556 per unit — materially below sponsor cost and regional replacement cost. The seller has invested $3,000,000+ into a unit-by-unit renovation across four phases, replacing roofs, HVAC, electrical, plumbing, water heaters, flooring, kitchens, baths, and exterior envelope. Phase I (13 units) is fully delivered and generating in-place income from long-term residents and an active Airbnb program; Phase II (28 units) is 21% complete with 22 in progress; Phases III and IV (59 units combined) plus eight unassigned-phase units are mid-renovation, with major mechanical systems installed and finish work remaining.
Because 108 of the 114 units convey together, the buyer steps into day-one supermajority control of the Lake Hartwell Villas POA — a position rarely available in condo acquisitions. The POA is established under the SC Horizontal Property Act (§27-31-10 et seq.) and governed by a Master Deed recorded April 27, 2023 (Oconee County Book 2934, Page 9). STR is permitted under the Master Deed, and the Phase I Airbnb program proves active lake recreation demand.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $15,509,814 CAD | Building Class | B |
| Price Per Unit | $143,609 CAD | Lot Size | 32.32 AC |
| Sale Type | Investment | Building Size | 125,400 SF |
| No. Units | 108 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 0.32/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3 | ||
| Price | $15,509,814 CAD |
| Price Per Unit | $143,609 CAD |
| Sale Type | Investment |
| No. Units | 108 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 32.32 AC |
| Building Size | 125,400 SF |
| No. Stories | 2 |
| Year Built | 1982 |
| Parking Ratio | 0.32/1,000 SF |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Pool
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 800 |
| 2+2 | 103 | - | 1,101 |
| 3+3 | 3 | - | 1,691 |
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Property Taxes
| Parcel Number | 316-00-01-099 | Improvements Assessment | $3,031 CAD |
| Land Assessment | $811 CAD | Total Assessment | $3,842 CAD |
Property Taxes
Parcel Number
316-00-01-099
Land Assessment
$811 CAD
Improvements Assessment
$3,031 CAD
Total Assessment
$3,842 CAD
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Lake Hartwell Villas | 10 Kinston Manor Dr
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