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Westgate Apartments

In mid 2014 DBC Real Estate Management targeted the Upstate region of South Carolina as a new market for expanding its apartment portfolio.  Within 6 months after making this strategic decision, DBC Real Estate Management was successful in acquiring three new properties totaling almost 400 units. The   Upstate region continues to show increased population growth and employment opportunities as more large international companies choose South Carolina for new manufacturing and distribution facilities due to the business-friendly environment and the expansion of the port of Charleston and the inland port located in Greer with a direct intermodal connection to the coast.  

One of the first new acquisitions in the Upstate, and acquired as part of a small portfolio, West Gate Apartments is a garden apartment property of 124 units located on the western edge of Spartanburg close to the Interstate 26 interchange, the major north-south connection between the Upstate and Columbia to the southeast. West Gate Apartments, along with another property acquired through one transaction, is a well-maintained property acquired from a large regional owner-manager with a stable tenant base supported by the regional service and manufacturing employment base.  West Gate has exceptional visibility along a major regional artery.  The property includes a pool, clubhouse and extensive lawns and green space. 

DBC Real Estate Management recognized the opportunity to complete some physical improvements that would enhance the property’s curb appeal, and the potential to tighten operating costs and to increase rents.  Competitive properties in the immediate market are limited and the rental rate needed to support new apartment construction makes new construction unlikely in the near and mid-term future.

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