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East Ridge Apartments

DBC Real Estate acquired East Ridge Apartments in 2015 to further expand its Spartanburg, South Carolina portfolio in the Upstate Region.  This 144-unit apartment property is located close to another Spartanburg property acquired by DBC earlier in the year and allows for beneficial economies of scale in the management and operations.

East Ridge is an exceptional quality Class B property well-located close to the major new retail corridor on the eastern side of Spartanburg.  The property was fully renovated by a previous owner, including all new interior unit fit out and exterior improvements.  All units include crown molding, new kitchen cabinets and appliances, and property-wide wi-fi.  The surrounding residential area includes some of the more up-scale neighborhoods and the school district is one of the premier school districts in the Upstate.  Several colleges and universities located nearby provide additional demand by students and staff to supplement the strong unit demand generated by a strong employment base in the immediate area.

DBC Real Estate was able to obtain very favorable financing through Fannie Mae for the acquisition.  Occupancy and collections were improved immediately after acquisition by DBC Real Estate Management over the results being realized by the previous owner.  

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