Multifamily Property for Sale in Westminster, SC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Westminster, SC 29693

Description

Marcus & Millichap is pleased to present Lake Hartwell Villas, a 108-unit single-sponsor-controlled condominium platform in Westminster, South Carolina. Positioned minutes from Lake Hartwell — one of the Southeast's largest recreational reservoirs — and bisected by the I-85 corridor between Atlanta and Charlotte, the property represents a rare governance-controlled lake-access condominium acquisition in a supply-constrained submarket. The offering is a mid-renovation value-add priced at $11,400,000, or ~$105,556 per unit — materially below sponsor cost and regional replacement cost. The seller has invested $3,000,000+ into a unit-by-unit renovation across four phases, replacing roofs, HVAC, electrical, plumbing, water heaters, flooring, kitchens, baths, and exterior envelope. Phase I (13 units) is fully delivered and generating in-place income from long-term residents and an active Airbnb program; Phase II (28 units) is 21% complete with 22 in progress; Phases III and IV (59 units combined) plus eight unassigned-phase units are mid-renovation, with major mechanical systems installed and finish work remaining. Because 108 of the 114 units convey together, the buyer steps into day-one supermajority control of the Lake Hartwell Villas POA — a position rarely available in condo acquisitions. The POA is established under the SC Horizontal Property Act (§27-31-10 et seq.) and governed by a Master Deed recorded April 27, 2023 (Oconee County Book 2934, Page 9). STR is permitted under the Master Deed, and the Phase I Airbnb program proves active lake recreation demand. Investment Highlights: • Deep Value-Add Lease-Up Significantly under-occupied today. Buyer drives NOI from day one via Long Term Rental, Short Term Rental, or hybrid execution. • 108-Unit Sponsor-Controlled Condo Platform Day-one supermajority POA control. Buyer sets budget, governance, and rental policy at closing. • $3M+ Invested Across Four Renovation Phases Roofs, HVAC, electrical, plumbing, flooring,

Market Context

This multifamily in Westminster, SC is listed for sale. It has been on the market for 54 days. Compare it against other multifamily listings for sale in Westminster, SC — <a href="/search/sale/multifamily/south-carolina/westminster">view the full market</a>.

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