Hillcrest Apartments

Located on Mill Street in Chester, South Carolina, minutes from I-77 and within the Charlotte MSA industrial corridor.Executive Summary Aline Capital is pleased to present the Hillcrest Apartments, a 25-unit multifamily community located at 113 Mill Street in Chester, South Carolina. Originally built in 1960 and recently renovated between 2024-25, the property consists entirely of 2-bedroom, 1-bath units averaging approximately 700 square feet. The asset has already seen recent renovations, allowing a new owner to focus primarily on rent growth rather than additional capital improvements. Current average rents sit at $827, while market rents are being achieved at approximately $895, representing a clear and executable path to increased NOI. The opportunity is further enhanced by the ability to partner with a non-profit entity, allowing ownership to maintain rents at or below AMI thresholds while benefiting from a significant real estate tax abatement. This structure meaningfully improves cash flow and allows investors to achieve strong returns while maintaining affordability—creating a unique blend of impact investing and financial performance. Chester’s economy continues to benefit from steady industrial and logistics-driven growth, supported by its proximity to I-77 and access to the Charlotte MSA. Major employers including UNFI, MUSC Health, Giti Tire, Guardian Industries, Boise Cascade, Carolina Poly, ATI Industrial Automation, and Boral provide a stable employment base that drives consistent workforce housing demand. Chester County is seeing meaningful industrial investment, highlighted by Albemarle’s $1.3 billion lithium processing facility and recent commitments from manufacturers such as IKO and Officine Maccaferri. Additional projects, including Luck Companies’ industrial park development, continue to expand the county’s employment base and support long-term job growth. These investments are reinforcing Chester’s position as a manufacturing-driven market benefiting from its proximity to both Charlotte and Columbia.