| CREOP

Hospitality investment opportunity in York, Sc. This property consists of one buildings with a total of 33 motel/studio units. The building also consists of a larger 2 bed/1 bath manger suite directly off the main office. The Royal Inn sits on the outskirts of RockHill, SC within an hour from uptown Charlotte.

Just across the South Carolina border from Charlotte, York County offers highly ranked school systems and easy commuting distance to office jobs in Uptown and Ballantyne. Suburbs close to the border such as Fort Mill and Tega Cay have regularly ranked as some of the fastest-growing suburbs in the country. Most of that development has consisted of single-family homes, though apartment developers have delivered on hundreds of new units in fast-growing Fort Mill and downtown redevelopment projects farther south on Interstate 77 in Rock Hill.
The supply-constrained environment that has led to rapid rent growth, however, has been a boon for investors. Roughly $455 million has closed over the past year, and per-unit prices have doubled over the past eight years. While interest rate hikes and general economic uncertainty have taken a toll on investment, sales volume remained strong in 22Q3.
The supply-constrained environment in York County has led to an uptick in investment. About $455 million has closed over the past year, pushing per-unit prices up to $200,000/unit, more than double market pricing in 2014.
National buyers have shown increased interest in the submarket, driving market prices up and cap rates down. In December 2021, Texas-based GVA Property Management bought the 470-unit Paces River complex for $85 million, or $180,851/unit. The property was built in 1989 and last renovated in 2018.