Case Study

Value Add Multifamily Repositioning

Azalea Hill
Greenville, South Carolina

Year Acquired
Year Sold
Number of Units
Hold Period
5 years


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 successfully repositioned from operating as a corporate/short-term rental asset to operating primarily as a conventional multifamily asset with long-term leases. The acquisition was initially financed with a bridge loan which facilitated necessary capital improvements and unit renovations.

After 14 months, once occupancy stabilized and most of the interior and exterior renovations were completed, the bridge loan was refinanced to a traditional loan. The property continued to perform well throughout its term and achieved strong rental rate increases. Sold after only five years of purchase, the investment realized a significantly higher return than anticipated.

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