Mountain Creek Apartments 2015 Old Mountain Creek Rd 24 Unit Apartment Building For Sale Greenville, SC 29609

Since acquisition in 2019, Mountain Creek Apartments has undergone a methodical repositioning that balanced interior modernization with building-envelope restoration.
Approximately 50 percent of all units have been renovated finish level (new flooring, cabinetry, and bath fixtures), 25 percent have received partial updates, and 25 percent remain in original condition.
From 2020 through 2024, ownership invested between $280,000 and $320,000 in verified exterior and systems improvements, including gutter replacement, soffit and fascia repairs, and selective HVAC replacements documented in the refinance inspection file.
Summary
Mountain Creek presents as a stabilized, low-exposure asset with its capital work substantially complete and interiors diversified between fully renovated, lightly updated, and legacy units—creating both durability of income and future value-add potential. Deluxe units are achieving rent premiums of ~$120–$150 per month compared to Standard units, illustrating clear upside potential through interior upgrades over time.
Properties are enrolled in the Safe Harbor tax abatement program, providing significant real estate tax savings that enhance ongoing cash flow; current taxes shown in the financials reflect this abatement, and ownership will assist in maintaining the program for new ownership to ensure continued benefit.
Deluxe units are achieving rent premiums of ~$120–$150 per month compared to Standard units, illustrating clear upside potential through interior upgrades over time.
Greenville Market Momentum – Located in one of the fastest growing metros in the Southeast, Mountain Creek benefits from strong rent growth trends, steady in-migration, and limited new supply in the attainable housing segment.
Proven Rent Growth – Deluxe units command $120–$150 monthly premiums over Standard units, validating a clear interior-upgrade strategy with measurable yield-on-cost upside.
Desirable Greenville Location – Positioned in a high-demand suburban corridor minutes from Downtown Greenville, Wade Hampton retail, and major employers including Prisma Health and BMW suppliers—benefiting from strong rental demand and limited competing supply.
Attractive Financing in Place – The existing Freddie Mac loan must be assumed, providing the following terms: $1.82M balance | 5.62% fixed rate | 30-year amortization | 6 months remaining interest-only period.