Elm Creek Apartments

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Projected IRR

30%

Projected Hold

5 Years

Year Acquired
2024

This 40-unit complex, located in Swansea, SC, is a LIHTC (low-income housing tax credit) property that was built in 1999. Elm Creek Apartments is another great addition to the Emerald City Associates portfolio having a mix of large 1BR/1Bath, 2BR/1Bath, 3BR/2Bath units - each including our basic amenities like brand new LVP flooring, new appliances, new fixtures, and more.


Purchased in March 2024 at an extremely favorable cost basis of $35K/door, this complex had average rents in the $500s per unit at purchase with the ability to easily increase to upper $900s per unit in quick fashion.  In Q2 of 2025, we performed a cash out refinance and returned 55% of investor capital after only 1 year of ownership.  This was due to the teams being able to push rents from $603 at purchase to $942 (56% increase) on top of being able to secure property tax abatement.



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