IN THE NEWS: "Greenville company invests in Pacolet apartment complex"
"Affordable Upstate has purchased Pacolet Pointe on McDowell Street to renovate the units and create a better living space for future tenants, mainly by making energy-efficiency upgrades to reduce utility bills." - GoUpstate.com
"A Greenville real estate company is investing in one of Pacolet’s only apartment complexes.
Affordable Upstate has purchased Pacolet Pointe on McDowell Street to renovate the units and create a better living space for future tenants, mainly by making energy-efficiency upgrades to reduce utility bills. Plans are also in place to create an outdoor fitness park that will be available to anyone.
Mario Brown and partner Brian Albers saw Pacolet as a growing area and decided to purchase the complex from its previous owner.
“We love that location. It’s walkable to the library, to the elementary school and the parks there. It’s a village lifestyle of not being in your car all the time. These people want to feel that,” Brown said. “Pacolet seems like it’s on a growth curve.”
The 36-unit complex had 11 vacancies when it was purchased, and the complex is now right at 90 percent occupancy.
Most of the units are being renovated as they become vacant, and the newly renovated ones are being offered to current tenants first.
“We want to maintain as much of the current tenant base as we can,” Brown said.
Upgrades such as installing new HVAC systems, upgrading windows and insulating attics are being done now, he said.
“Oftentimes, families are paying $150 to $200 in power bills. They definitely can’t afford it,” Brown said. “We’re doing energy-efficient things to drop that utility bill. A lot of guys owning lower-end apartments skip out on dozens of things. That’s where our opportunity is. That’s going to be our cause.”
Original Article HERE