DF Ventures, a business unit of Drucker + Falk, a multifamily management company, and Eastham Capital, have acquired Pawleys Island, South Carolina-based Litchfield Oaks Apartments. The purchase price was $28.24 million.
NEWPORT NEWS, VA (PRWEB) NOVEMBER 14, 2019
DF Ventures, a business unit of Drucker + Falk, one of the nation’s most prominent multifamily management companies, in partnership with Eastham Capital, a private equity investment company, acquired Litchfield Oaks Apartments in scenic and idyllic Pawleys Island, South Carolina for $28.24M in September 2019.
A garden style property built in 1999, Litchfield Oaks features a mix of unit types with open floor plans, a saltwater pool with sundeck and grilling station, clubhouse, fitness center, and dog park. Steps away from the best shopping, dining, and entertainment that the South Strand has to offer and a short drive away from a wide variety of activities. the community is located along the South Carolina coastline near Myrtle Beach, Surfside Beach, and Historic Georgetown.
DF Ventures has an ambitious value-add strategy for Litchfield Oaks, including modernizing the clubhouse, enhancing curb appeal, and updating unit interiors. Drucker + Falk, one of the most respected property management companies in the country and designated as one of the “Best Places to Work in Multifamily” three years in a row, also plans to institute professional management practices and a more targeted approach to marketing.
“The acquisition of Litchfield Oaks represents an opportunity to purchase a quality asset within a high barrier-to-entry market. Drucker + Falk will focus on increasing the income stream and the value of the property through strategic capital improvements and quality management,” said Eric Skow, acquisitions manager at DF Ventures.
ABOUT DRUCKER + FALK
Founded in 1938, Drucker + Falk is a full-service real estate and investment firm managing a diverse portfolio of more than 37,000 apartment homes and approximately 3,000,000 square feet of office, retail and industrial space in twelve states. In addition to managing a broad range of properties, including class A+ to affordable apartment communities, mixed-use and all types of commercial properties, Drucker + Falk offers commercial leasing and sales services and partners with clients on developing new properties, renovating and repositioning assets, converting historic properties to unique, upscale apartment homes. For more information visit Drucker + Falk.