A Rare Flagship Asset in the Heart of Downtown Athens, Ga
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A RARE FLAGSHIP ASSET IN THE HEART OF DOWNTOWN ATHENS, GA 1 CONTENTS QUICK FACTS ........................3 OFFERING ............................4 VALUE-ADD POSSIBILITIES ......5 PROPERTY PHOTOS ................6-7 LOCATION MAP ....................8 ATHENS AREA ........................9 ATHENS ATTRACTIONS AND ACCOLADES .........................10 UGA BY THE NUMBERS ...........11 ATHENS OVERVIEW ...............12 UGA OVERVIEW ....................13 ECONOMIC OVERVIEW .........14 GEORGIA MARKET SURVEY ....15 ONE BEDROOM RENTALS ......16-17 HISTORICAL RENT GROWTH ...18 FINANCIALS .........................19 2 QUICK FACTS UNBEATABLE DOWNTOWN 89 ONE BEDROOM UNITS PROFESSIONALLY MANAGED BY LOCATION COLLEGETOWN PROPERTIES FULLY PARKED 100% HISTORICAL PEDESTRIAN TO THE OCCUPANCY UNIVERSITY OF GEORGIA 3 THE OFFERING OFFERED EXCLUSIVELY BY COLLEGETOWN PROPERTIES ABOUT THIS PROPERTY 421 West Hancock presents a rare opportunity to own one of downtown Athens’ most in-demand residential buildings. The property’s unbeatable location provides residents convenient access to both The University of Georgia as well as all that downtown Athens has to offer. Each residence has been thoroughly renovated to include stainless appliances, granite counter tops, hardwood style flooring, and energy efficient on demand HVAC systems. One bedroom residences are in high demand offering both privacy, ease of lease up as well as lower annual turn over. Offered as 100% 0% OCCUPANCY HISTORICAL VACANCY UNDER All Cash CURRENT MANAGEMENT 1.55 acres 38,270 1967 2016 RM-1 PROPERTY BOUNDARY SIZE NRA YEAR BUILT RENOVATED MULTI-FAMILY ZONING 89 430 laundry & fitness center 98 ONE BEDROOM UNITS AVG SQFT ONSITE PARKING SPOTS ( 1 HANDICAP) 4 VALUE-ADD POSSIBILITIES PROPERTY NOT INCREMENTAL RENT GROWTH DOUBLE OCCUPANCY CURRENTLY CHARGING Average Rate Per Bed Overflow parking presents FOR PARKING Downtown Athens, GA | 2020 opportunity for double occupancy Avg. Monthly Parking Charge Studio: $1,242 and additional revenue on both the Downtown: $57/month 1 Bedroom: $1,286 rent and parking space. 421 West: $891 ($351/bed delta to current downtown market) Source: CollegeHouse.com 5 EXTERIORS 6 INTERIORS 7 LOCATION MAP SANFORD STADIUM THOMAS ST. UGA WASHINGTON JACKSON NORTH CAMPUS CLAYTON COLLEGE LUMPKIN BROAD STREET HULL PULASKI SAE FRATERNITY DOWNTOWN HANCOCK AVE. BOTTLE WORKS 8 DOWNTOWN HIGHLIGHTS 1 BOTTLEWORKS Seabear, Lululemon, Taziki’s, Hendershots, & Viva Argentina BARBER STREET 4 2 THE GRIT 1 3 TAQUERIA DEL SOL E DOUGHERTY STREET 4 HALFMOON OUTFITTERS 5 BIG CITY BREAD 1 2 6 THE NATIONAL 7 LAST RESORT 6 8 MEIGS STREET CREATURE COMFORTS N LUMPKIN STREET HANCOCK AVE 5 N HULL STREET PULASKI STREET 8 N NEWTON STREET HANCOCK AVE WASHINGTON STREET7 9 IN THE HEART OF THE HANCOCK HISTORIC DISTRICT AND DOWNTOWN ATHENS ATHENS ATTRACTIONS & ACCOLADES MUSIC Best Small Towns in the South for Retirement • Birthplace of REM, The B-52’s and by Southern Living (June 2017) Widespread Panic BREWERIES – ATHENS IS KNOWN FOR ITS LOCAL CRAFT BREWERIES #1 Best Places to Retire in 2017 by Forbes (April 2017) INCLUDING: • Creature Comforts • Southern Brewing Company Top 17 Most Affordable Cities • Terrapin Brewery by Mint.com (June 2016) NOTABLE YEARLY EVENTS THAT DRIVE TOURISM: America’s 10 New Best Craft Beer Cities by Fortune Magazine (March 2016) • UGA Home Games ACCOLADES • Regional Sporting Events • AthHalf Marathon- every October; funds used for music and arts in elementary and Top 25 Best College Towns, 1st Place PEOPLE NOTABLE middle schools by Fansided.com • Athens Wine Weekend- occurs every February • Twilight Criterium- occurs every April; attracts 25 Most Giving Cities in the U.S. cyclists from around the world who compete by Travelocity in an 80km race that starts and finishes in ATTRACTIONS/NOTABLE PLACES/ ATTRACTIONS/NOTABLE downtown Athens • Athfest Music and Arts Festival- occurs every June; brings the best local and regional musicians and visual artists • Multiple conferences hosted at the Athens Classic Center 10 UGA BY THE NUMBERS ENROLLMENT FALL 2020 Undergraduate 29,765 Graduate/Professional 9,382 Total 39,147 STUDENT SCHOLASTIC ACHIEVEMENT, FALL 2020 2020 First-Year Students 5,600+ Avg. SAT score 1351 Avg. GPA 4.0+ Avg. ACT score 31 ACADEMIC OFFERINGS • 24 Baccalaureate degrees in more than 142 fields • 32 Master’s degrees in 135 fields • Specialist in Education degree in 8 major fields • 4 Doctoral degrees in 87 areas • Professional degrees in law, pharmacy and veterinary medicine • More than 130 Study Abroad & exchange programs ATHLETICS • NCAA Division I, Southeastern Conference • 9 men’s varsity sports • 12 women’s varsity sports • 45 national championships, including 33 since 1999 UNIVERSITY RANKINGS • #15 U.S. News & World Report, Best Public Colleges • #16 Kiplinger Magazine, 100 Best Values in Public Colleges • #10 The New York Times, College Access Index TOTAL LIVING ALUMNI 335,000+ 11 ATHENS OVERVIEW Athens, nicknamed the “Classic City,” due to its antebellum architecture is home to the University of Georgia, the birthplace of public higher education in America. However, the city is defined by much more than the university with a rich history of culture including the arts, music and food, as well as a growing economy that attracts local, regional and nationally recognized businesses alike. 12 THE HEART OF ATHENS, GA Located in Athens, Georgia, the University of Georgia (UGA) received its charter from the state in 1785, making the University of Georgia the first state-chartered public university in the United States. During the school’s 234-year history, it has become a nationally regarded academic institution that is organized into 17 constituent schools which offer over 140 degree programs. According to US News and World Reports, the University of Georgia ranks #13 in the country for top public college & universities. This high ranking, coupled with the help of affordable in-state tuition and the fact that nearly 99% of incoming, in-state students qualify for the HOPE scholarship, UGA ranks as one of the top values in higher education. Currently, UGA has nearly 39,000 students (29,000 undergraduates) and over 10,000 employees (3,000 academic faculty). University of Georgia is also home to the state’s Botanical Garden, Museum of Art, and Museum of National History. UGA also offers several nationally ranked graduate programs. The most notable programs include the School of Law (ranked in the 10 for public universities), College of Pharmacy (ranked 25th in the nation by US News & World Report), Master of Public Administration (ranked 6th in the nation), a top ranked MBA program (Forbes), as well as several top ranked doctoral programs including micro biology and evolutionary biology. In addition to education and employment, UGA is known for its top-tier athletics program. In total, UGA has over 180 National Titles and has produced 83 Olympians. As a result, Athens-Clarke County is area that is heavily influenced by UGA’s sporting events. Every fall, Athens welcomes hundreds of thousands of fans that fill the streets as well as UGA’s 92,000 seat football stadium to cheer on the Dawgs. The influx of traffic on gamedays helps drive a healthy retail market. University of Georgia has and will continue to be the driving economic and cultural engine of Athens- Clarke County. 13 TRANSPORTATION EMPLOYER INDUSTRY #EMPLOYEES AND ECONOMIC OVERVIEW HIGHER EDUCATION 10,655 EDUCATION 2,418 Athens is a highly accessible city with direct access to US-441, US-78, and GA-316 which connect to Interstates GOVERNMENT 2,180 85 and 20. This placement provides both residents and businesses easy access to the City of Atlanta and Hartsfield- Jackson International Airport, the world HEALTHCARE 2,090 busiest passenger airport. Athens-Clarke County also has an easily accessible rail access operated by HEALTHCARE companies including CSX, Norfolk Southern Shortline, 1,348 and Athens Line TAL. The Athens economy benefits from the presence of POULTRY/AGRICULTURE 1,700 Fortune 500 companies (Caterpillar), a strong local retail industry, healthcare, and education. In 2018, EXCAVATORS AND TRACTORS 1,650 employment increased by 2 percent, nearly double the national average. In addition, Athens’ economy is TRANSFORMERS, CHILLERS, directly impacted through capital investments and jobs SOLAR PANELS 502 created by Zaxby’s corporate headquarters. TELEMARKETING 500 INDUSTRIAL MOTORS 455 TRUCK REFRIGERATION UNITS 450 14 Athens, GA Report prepared on 3/3/2021 by College House for Chase Lawrence University of Georgia Enrollment Athens, GA Report prepared on 3/3/2021 by College House for Chase Lawrence University of Georgia Enrollment ATHENS, GA 1 BEDROOM MARKET SURVEY Athens, GA Undergraduate Graduate Total 29,848 +1% 9,072 0% 38,920 +1% Athens, GA Report prepared on 3/3/2021 by College House for Chase Lawrence Report prepared on 3/3/2021 by College House for Chase Lawrence University of Georgia Enrollment University of Georgia Enrollment Housing Occupancy Undergraduate Graduate Total 29,848 +1% 9,072 0% 38,920 +1% 11,744 Housing Occupancy Beds Tracked On-Campus Off-Campus Current Pre-Lease 11,744 Undergraduate Graduate 10,898Total 28,022 11,274 7,634 Beds Tracked 28% 72% 96% 65% Undergraduate Graduate 29,848Total +1% 9,072 0% 38,920 +1% 29,848 +1% 9,072 0% 38,920 +1% Average Rate Per Bed: $723 On-Campus Off-Campus Current Pre-Lease Housing Occupancy 28% 10,898 72% 28,022 96% 11,274 65% 7,634 STD 1BD 2BD 3BD 4BD 5BD 6BD Housing Occupancy $1,242 $1,286 $797 $710 $645 $723 $523 Average Rate Per Bed: $723 11,744