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
For more information about our Project Portfolio and becoming an investor in upcoming projects, please contact us at:
info@shircapital.com