Link Mixson

Jones Lang LaSalle, a South Carolina licensed real estate broker (“JLL”), has been retained as the

exclusive sales representative for Link Mixson, the “Property,” or the “Asset,” a 358-unit, Class-A

multifamily asset in North Charleston, SC. The asset was built in two phases, Phase I (268 units) which

was acquired by Grubb Properties near the end of its construction in 2014, and Phase II (90 units) in

2019. Link Mixson is an institutionally-owned property with luxury amenities located in a high growth

submarket with no incoming supply. Positioned approximately 1.5-miles from the intersection of I-26

and Highway 526, the Asset provides seamless connectivity to the entire Charleston MSA and all

its major employment drivers. The Property’s location in the Park Circle submarket is walkable and

bikeable to a plethora of restaurants, parks, shops, and other daily essentials, attracting renters who

want to be surrounded by urban amenities in a suburban submarket.

The Asset is situated in North Charleston’s Park Circle submarket, which currently only has four

assets in lease-up totaling 327 vacant units (35% vacancy). Notably, there are no new developments

under construction within a 3.5-mile radius of the Property, indicating constrained future supply. The

location is poised to continue to see high-population growth, expecting an increase of 7.63% by 2029

representing a unique opportunity to buy an institutional grade asset in a high-demand submarket

with zero incoming supply. This location also offers significant urban amenities, offering walkability to

dozens of bars & restaurants, as well as parks and daily conveniences.

Phase I of Link Mixson offers significant value-add potential, as Phase II is seeing approximately

a $250 premium over Phase I on like-kind two-bedroom units, and a $0.38 premium per square

foot on one-bedroom units. Phase I currently has European-style shelving in the kitchens with white

appliances. One recommended value-enhancement strategy includes replacing the appliances with

stainless steel appliances, adding cabinetry, installing microwaves, and updating the lighting package

in the kitchen, while also installing new pendants in the living rooms.

The Property is adjacent to Stanley Martin’s Mixson community, creating a neighborhood environment

for the residents. The recent sales of this three- & four-bedroom community are in the low $500,000s,

which presents a cost of ownership $2122 higher per month rather than renting at Link Mixson. The

Asset also sees a significant discount to the competitive set, averaging a $228 discount on one-bedroom

units and $292 on two-bedrooms. These favorable submarket dynamics offer substantial

rent growth potential for Link Mixson, presenting new ownership with opportunities for near-term

value enhancement.

Mixson’s connective and highly-amenitized location, with strong supply-demand fundamentals as well

as near term rental upside, presents a unique opportunity for potential investors to gain immediate

scale in a fast-growing sunbelt market with significant near-term as well as long-term valuation upside.