SUMTER, SC – Three Oaks Management LLC, based in Charlotte, and partners Cornerstone Investment Partners, LLC and LRI USA LLC, announce the acquisition of Waterforde Place in Sumter, SC. The property is right in the heart of Sumter, SC.
The garden style property is located on the Jessamine Trail, with easy access to Broad Street and minutes from Shaw Air Force Base. The new owners intend to run a program to correct the delayed maintenance and interior upgrades for light units on selected units as the units rotate. In addition, they will set up a custom garage rental program that will generate additional income.
The property benefits from an excellent location. Sumter has a diverse economy with manufacturing, retailing, educational services, health and social assistance, and lodging and catering services making up the largest sectors of the workforce.
The three companies are optimistic about the Sumter market as it is a strong tertiary market in South Carolina. The southeastern markets are experiencing a period of high growth that should continue for the foreseeable future with strong employment growth and population growth.
"This is a great acquisition for our investors. Our focus is on buying at the right price, adding value while delivering great service to our tenants," said Charles Seaman.
Source: Three oaks management