Hillcrest Apartments

Located on Mill Street in Chester, South Carolina, minutes from I-77 and within the Charlotte MSA industrial corridor.Executive Summary Aline Capital is pleased to present the Hillcrest Apartments, a 25-unit multifamily community located at 113 Mill Street in Chester, South Carolina.​ Originally built in 1960 and recently renovated between 2024-25, the property consists entirely of 2-bedroom, 1-bath units averaging approximately 700 square feet.​ The asset has already seen recent renovations, allowing a new owner to focus primarily on rent growth rather than additional capital improvements.​ With 8 units left to renovate, the buyer has the opportunity to bring lowest rents to market.​ Current average rents sit at $827, while market rents are being achieved at approximately $895, representing a clear and executable path to increased NOI.​ Chester’s economy continues to benefit from steady industrial and logistics-driven growth, supported by its proximity to I-77 and access to the Charlotte MSA.​ Major employers including UNFI, MUSC Health, Giti Tire, Guardian Industries, Boise Cascade, Carolina Poly, ATI Industrial Automation, and Boral provide a stable employment base that drives consistent workforce housing demand.​ Chester County is seeing meaningful industrial investment, highlighted by Albemarle’s $1.3 billion lithium processing facility and recent commitments from manufacturers such as IKO and Officine Maccaferri.​ Additional projects, including Luck Companies’ industrial park development, continue to expand the county’s employment base and support long-term job growth.​ These investments are reinforcing Chester’s position as a manufacturing-driven market benefiting from its proximity to both Charlotte and Columbia.​