Red Balloon Portfolio · Realized
Boiling Springs, South Carolina.
Sold · Value-add expansion · 1909 Boiling Springs Rd, Boiling Springs, SC
84,100
Gross square feet
542
Units
64%
Achieved IRR
2.7x
Equity multiple
The Project
Acquired, expanded, and sold in twenty-four months.
RBS acquired the Boiling Springs Road facility in June 2021 and developed a second phase, completing the expansion in March 2023. With the expansion and parking, the asset totals 84,100 gross square feet and 542 units.
The property was sold to a private buyer in July 2023, twenty-four months after acquisition. $2.2 million of invested equity returned $6.0 million in net proceeds — a 64% IRR and a 2.7x equity multiple.
| Location | 1909 Boiling Springs Rd, Boiling Springs, SC |
| Type | Value-add expansion |
| Status | Sold |
| Gross SF (with expansion and parking) | 84,100 |
| Units | 542 |
| Acquisition | Jun 2021 |
| Expansion complete | Mar 2023 |
| Disposition | Jul 2023 |
| Hold period | 24 months |
| Acquisition cost | $5.9M |
| Expansion cost | $0.81M |
| Total cost | $7.11M |
| Equity invested | $2.2M |
| Sale price | $10.7M |
| Net proceeds | $6.0M |
| Buyer | Private |
| Achieved IRR | 64% |
| Equity multiple | 2.7x |
