281-Unit Value Add Portfolio in #1 Emerging US Market
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INVESTMENT OVERVIEW
- Greenville 281 unit apartment portfolio consists of two adjacent value-add communities in fast growing MSA of Greenville, SC: the Park at Bonito (180 units) and the Park at Calabria, (101 units)
- Both assets are located in the desirable Eastside submarket with easy access to Downtown Greenville, the Airport and the BMW North America Manufacturing Plant
- Favorable unit mix consisting of 7% studios, 40% 1 bed x 1bath, and 53% 2 bed x 2 bath in both assets
- Nestled in the highly sort after Greenville County School District, the largest in the state, these assets benefit from desirable demographics in the submarket boasting an average HHI of over $87,072 within a 3 mile radius
- Historical 12 months rent growth in Greenville has topped 15% on average. Organic rent growth is projected to be over 20% through 2026
- Business plan is to renovate the interiors of +90% of the units (full classic) to our platinum level finish, add in our technology package, install washer/dryers, rebrand both assets, modernize the amenities and operate them as one asset.
- Total capex renovation and upgrade budget is $5.4M or approximately $19K per door – which will provide ample funds to significantly upgrade the apartments
Meet our team
Denise Piazza, CPA
Partner
Denise began working within the real estate industry twenty years ago through several tax and accounting engagements with real estate companies while employed at a CPA firm. She continued to build a network of real estate investors and learned from their best practices in investing. Denise has 20 years of accounting, finance, and risk management experience and has managed teams of 30+ employees. Denise is a CPA and has held several finance and accounting roles with top Fortune 100 companies on teams managing over $1B in acquisitions, joint ventures and disposition of assets. Denise has also served on the Women’s Leadership and Risk Management committees of Fortune 100 companies. Her experience in finance and accounting has made her highly skilled in analyzing data and developing financial models. Denise has been investing in real estate for ten years in a variety of asset classes as both an active and passive investor. She has been involved with over $200MM in real estate transactions. She is a general partner in 600+ units, limited partner in over 1,500 doors, and has raised millions of dollars of private capital.
Catherine Munaco
Partner
Catherine has nearly 10 years of Real Estate investing and operating experience. She began in single family rentals and house flipping before transitioning to larger multifamily projects, acquiring a portfolio that spans several asset classes and markets. Today, she is a General Partner in nearly 500 units. Catherine excels in managing renovations and construction teams to deliver on time and on budget products. In addition to Real Estate, Catherine has over 10 years of experience as a strategy consultant, creating financial models and advising top executives in Fortune 500 companies. She has held roles on the Corporate Development team for a $9B+ company and has advised on several mergers, specializing in business case review and business plan design and execution for target companies. She is a graduate of the University of Chicago Booth School of Business, where she concentrated in finance and accounting.
Benjamin Piazza, CPA
Partner
Ben has over 30 years of tax, accounting and audit experience. He is a partner at a CPA and business consulting firm providing extensive services in tax, accounting, audit, financial management and consulting for his clients. He has developed a specialty in the real estate niche in both the taxation and accounting for companies in the industry. He continues to assist these clients through the evolving tax laws specific to the real estate industry and navigate them with their business decisions to optimize each situation. Ben is a tax planner and strategist; as an active real estate investor across several asset classes, he implements the appropriate strategies to align with his clients’ goals while maintaining compliance with the IRS code and guidelines. He is a graduate of Penn State University with a degree in Accounting and is a CPA. He is on the board of nonprofit organizations and is a member of the American Institute of Certified Public Accountants (AICPA) and Pennsylvania Institute of Certified Public Accountants (PICPA).