Ridgewood Run

Chester, South Carolina, is a charming small town with deep historical roots and a strong sense of community. Located in the northern Midlands region of the state, Chester offers a peaceful setting defined by rolling landscapes, tree-lined streets, and a traditional downtown that reflects its longstanding heritage. Its location between larger cities provides residents and visitors with a quiet, small-town atmosphere while still offering convenient access to the broader region. Chester is known for its historic character, with beautiful older homes, churches, and buildings that speak to the town’s past. The community takes pride in its local traditions and landmarks, which help preserve the story of this South Carolina town through generations. Its slow pace and welcoming environment make it an appealing place for those who value connection, history, and hometown charm. With a strong appreciation for its past, Chester maintains a close-knit identity that is felt throughout the community. Local events, neighborhood pride, and a spirit of hospitality contribute to the town’s warm and inviting atmosphere. Chester also holds an important place in the region's history, particularly as a railroad town and agricultural center. These industries helped shape the area’s growth and identity, leaving a legacy still visible in the town’s architecture and community pride.Ridgewood Run presents a compelling value-add opportunity to acquire a partially repositioned multifamily asset with significant capital improvements already completed and a clear path toward operational stabilization. Current ownership acquired the property in October 2023 with a business plan centered around renovating the asset, improving the tenant profile, and driving rental growth. At acquisition, Ridgewood Run was approximately 50% occupied with average monthly rents of just $515. Since taking ownership, the seller has invested approximately **$464,587 in property improvements** and successfully increased average monthly rents to **$810.19, plus a $25 utility fee**, representing rent growth of approximately **57%**. While still leaving room to push some rents closer to market at $895. Occupancy reached as high as **86%** during the current ownership period, demonstrating the property's ability to support both higher rents and improved occupancy. Today, the property is approximately **69.3% occupied**, creating an opportunity for a new owner to build upon the seller's completed capital program and capture additional upside through improved property-level operations, leasing, and hands-on management. Current ownership originally implemented an off-site third-party management strategy; however, the property's operating history has demonstrated that a more active management approach may be better suited to the Chester tenant base. Rather than internalize property management, ownership has elected to bring the asset to market. In addition to the operational upside, Ridgewood Run benefits from a **10-year property tax abatement extending through 2034**. Ownership currently pays approximately **$2,970.92 per month to SAHA Housing**, the nonprofit partner associated with the abatement. According to ownership's legal counsel, the existing structure is transferable through an entity sale, allowing a prospective purchaser to benefit from the remaining term of the abatement, subject to buyer verification and legal review. There has been substantial renovation capital already invested, demonstrated rent growth, a favorable tax structure through 2034, and meaningful upside in occupancy. Ridgewood Run offers an incoming investor the opportunity to acquire an improved asset below stabilized operations and create value primarily through **management execution, lease-up, and operational stabilization rather than a heavy capital renovation program**.