High Point, N.C.-based Blue Ridge Companies has been awarded management of the Stillwater at Grandview Cove, a 1989 vintage, 240-unit apartment community in Simpsonville, S.C., recently purchased by Toro Real Estate Partners.
Stillwater at Grandview Cove, formerly known as The Enclave at Grandview, currently rents for $775 to $1,025 a month. Its units range from 780 to 1,200+ square feet in size, with one, two, and three-bedroom floor plans available.
Blue Ridge will take over the Stillwater at Grandview Cove’s daily management activities and oversee the execution of the property’s value-add strategy, which will include upgraded appliances, lighting, flooring, cabinetry and countertops in the living units, to be added as the units become available for renovation. Improvements will also be carried out on the property’s exterior, with the goal of increasing its appeal to local renters.
“Stillwater checked all of our boxes and perfectly aligned with our client’s acquisition profile, and presented itself as a great investment opportunity for our client to take advantage of the strong population and job growth in the Greenville metro and its submarkets,” said Cole Healy, a real estate analyst for Blue Ridge companies, in a release.
Stillwater at Grandview Cove is Toro REP’s second Greenville metro investment within the last 12 months, and Blue Ridge’s tenth unique property in South Carolina. Blue Ridge now manages 12,500 units across the Southeast.