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Mayfair Lofts

Name: Mayfair Lofts
Location: Spartanburg, South Carolina
Number of Units/SF: 107
Closing Date:

Mayfair Lofts is a 107-unit, 2007 historic renovation of a 1922 majestic Mayfair Mills plant. The beautifully modified and restored garden apartment community is conveniently located in Spartanburg, SC. The property includes 1 main apartment building plus a clubhouse, pool house and covered parking lot (exceptionally rare in these communities) on 8 acres. The property includes a depot building ideally situated for future development and several rentable
warehouse spaces for additional revenue.

Situated along the commerce-rich I-85 corridor, Spartanburg is the east anchor of the prolific Upstate region, globally recognized for its massive BMW plant (8,800 employed) and burgeoning high-tech economy. Mayfair Lofts offers a well-maintained asset with a recent targeted capex program completed that included both asset preservation as well as amenity upgrades. This property has not utilized LRO (Lease Rent Optimization) which makes it ideally situated for completion of minor in unit improvements and and LRO generating $100-$125 premiums on average.

Unit mix for Mayfair Lofts include: 56 one-bedroom apartments averaging just under 1,000 square feet; and 51 two-bedroom apartments, averaging 1,200 square feet. Average unit square feet for the property is an impressive 1,036 square feet. The historic building, grounds, iconic water tower and outbuildings are decorated with wide lawns and plenty of mature trees.

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