Nexloft Apartments – Hotel Conversion in Bluffton, SC SOLD By Principals of SHIR Capital for $18.15 Million

In May 2021, Principals of SHIR Capital & Valcap closed the the sale of Nextloft Apartments in Bluffton, SC for $18.15 Million, yielding a 50%+ IRR. Principals of SHIR acquired a 148-unit extended stay hotel complex in January of 2018 for $7.25MM. Starting with a fully vacant hotel, SHIR’s construction affiliate Ava’s quickly renovated all interiors and began move-ins in only 6 months. SHIR’s property management affiliate Nexus leased the property to stabilization in 12 months and maintained occupancy and collections throughout 2020’s pandemic with physical occupancy above 97%.

After purchase, a full value-add renovation was undertaken improving and adding to the amenities, along with strategic cosmetic exterior upgrades, including:

  • Redesign of pool
  • New leasing office
  • New landscaping
  • Barbecue area
  • Exterior lightning
  • Re-branding & signage
  • Parking lot upgrades

Interiors for all of the residential units were upgraded including:

  • New two-tone paint throughout apartment
  • New vinyl flooring throughout
  • Fixture and appliance upgrades
  • New cabinets and granite countertops
  • New blinds
  • New plumbing and electrical fixtures

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