Situated on 10 beautifully landscaped acres, Azalea Hill is a 160-unit multifamily property comprised of 15 apartment buildings. In 2013, Buligo Capital acquired the asset as a value-add opportunity. It featured historically strong annual cash flows in a solid location, and a purchase price reflecting a 30% discount to replacement cost. Azalea Hill offered attractive upside potential by repositioning most of the property from corporate, short-term rentals to a conventional multifamily operation. Extensive common area and interior unit upgrades were planned to keep the property competitive within the market and allow for rental rate increases.
Situated halfway between Atlanta and Charlotte, Greenville is a fast-growing metro boasting major employers in the auto manufacturing, engineering, and healthcare sectors, including BMW, Michelin, and General Electric. Azalea Hill is strategically located in a highly desirable submarket in the heart of the city’s Verdae Development District, a master-planned community. Its proximity to the I-85 and I-385 roadways allows quick access to downtown Greenville and Greenville-Spartanburg International Airport.
The property was repositioned from a corporate and short-term rental model to a conventional multifamily asset with long-term leases. Following acquisition, targeted capital improvements and unit renovations were implemented to support the transition and long-term operating strategy.
Upon completion of the renovation program, the financing structure was adjusted to align with the asset’s stabilized operating profile. The property was managed in accordance with the revised business plan and subsequently sold after a holding period of approximately five years, reflecting disciplined execution throughout the investment lifecycle.
