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Raintree 152 Units | Macon, Ga

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Raintree 152 Units | Macon, Ga RAINTREE 152 UNITS | MACON, GA Proven Value-Add Opportunity in Growing Macon Market RAINTREE 1737 GRAHAM ROAD | MACON, GA Confidentiality & Disclaimer The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Kirkland Company and should not be made available to any other person or entity without the written consent of The Kirkland Company. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level TABLE OF CONTENTS of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Kirkland Company has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or Property Overview .............................................................................................04 business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Kirkland Company has not verified, and will not verify, any of the information contained herein, nor has The Kirkland Company conducted any investigation regarding these matters and makes no warranty or Investment Rationale .........................................................................................11 representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Location Overview .............................................................................................19 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR KIRKLAND COMPANY AGENT FOR MORE DETAILS. Financial Analysis ..............................................................................................31 Rent Comparables .............................................................................................39 TKC Assigned Listing Agents William Kirkland Managing Partner [email protected] Tim Ellrich Managing Partner [email protected] 5141 Virginia Way, STE 320 | Brentwood, TN 37027 T: 615.690.3001 | F: 615.523.4990 2 3 EXTERIOR 4 5 INTERIOR 6 7 OFFERING SUMMARY RAINTREE RAINTREE SITE Number of Units 152 Rentable Square Feet 80,560 Average SF Per Unit 530 # of Apartment Buildings 19 Year Built 1972 Acreage 10.61 Density (Units Per Acre) 14.33 Property Address 1737 Graham Road Macon UNIT BREAKDOWN Type Units Unit SF Total SF Swimming Pool Leasing Office 1BD/1BA 152 530 80,560 Total/Avgs 152 530 80,560 CONSTRUCTION & UTILITIES Exterior Brick / Siding Roof Pitched / Shingles Parking Surface Asphalt Electricity Georgia Power Company Water & Sewer Macon Water Authority 8 9 INVESTMENT RATIONALE 10 11 INVESTMENT RATIONALE Raintree is a 152-unit apartment complex located 3.5 miles northeast of Downtown Macon. The property contains all 1BD units and sits at the bottom of the rental market, providing room for new ownership to potentially grow rents. Macon’s asking rent has been growing with its vacancy decreasing, showing positive area supply & demand fundamentals. Macon’s downtown area has been revitalized in the last several years due to partnerships between several PROJECTED for-profit and non-profit organizations. Macon is also home to a variety of big box retailers, staple employers, and several new companies that have announced new jobs over the past 12 months. RENT $520 PROVEN VALUE-ADD ON RENOVATED UNITS: According to property ownership, four units are NEW ROOFS & WINDOWS renovated and are achieving up to a $50 rent premium, providing new ownership with a proven value-add model. VALUE-ADD Current ownership has also invested in significant Capital Expenditures. ROOM TO GROW RENTS: Raintree contains all 1BD units. Area comparables reveal 1BD units renting for up OPPORTUNITY to $280 more than the subject, leaving new ownership room to potentially grow rents. Within the past 3 years, current ownership has replaced all of the According to current ownership, 4 units at Raintree have been POSITIVE MACON RENT GROWTH: According to CoStar, Macon has experienced a 12-month Asking roofs and windows and removed over renovated, and these units are achieving a rent premium of Rent Growth of 2.6% and a Vacancy change of -0.4%. 100 trees on the property. up to $50. Additionally, a rent survey of the area reveals that RECENT ROOF & WINDOW REPLACEMENT: Within the last 3 years, current ownership has replaced all Raintree’s 1BD units sit at the very bottom of the market. Similar of its roofs and windows and has also removed roughly 100 trees from the property. vintage properties nearby are achieving middle to upper $500’s ROOM TO GROW RENTS in rent, and Macon’s apartment market is showing positive signs PARTNERSHIPS TO REVITALIZE THE CITY: Macon is being transformed by multiple partnerships of growth, with a 12-month Asking Rent Growth of 2.6% and Glenwood Village $750 between Bibb County government, Mercer University, and a variety of for-profit and non-profit organizations that a 12-month Vacancy change of -0.4% according to CoStar. are working to attract new businesses, create new housing & infrastructure, and revitalize the downtown area. Overlook Gardens $640 These factors provide new ownership some room to add value to Raintree. The Cliffs $610 NEARBY RETAIL OPPORTUNITIES: Macon is home to The Shoppes at River Crossing, a 750,000 SF shopping mall anchored by Barnes & Noble, Belk, Dick’s Sporting Goods, and Dillard’s. Additional area retail Highland Hills $563 includes Publix, Ace Hardware, Kroger, and Food Depot. 12-MONTH CHANGE Pine Ridge $545 OTHER DEMAND DRIVERS: Macon’s employment base is anchored by: Cherry Tree Hill $500 • Navicent Health Medical Center: 4,600 jobs, 637 beds RENT GROWTH: 2.6% • Mercer University: 8,600 students, 937 jobs Pine Ridge $495 • Coliseum Health System: 1,400 jobs, 310 beds VACANCY: -0.4% • GEICO - 5,500 jobs Raintree $470 12 13 Macon is bustling with growth and urban development MACON thanks to the efforts of the Bibb County government, A CITY UNITING FOR PROGRESS Mercer University, and a variety of for-profit and non-profit organizations working to attract new businesses, create new housing & infrastructure, and revitalize the city. Macon is growing rapidly thanks to the recent emergence of new housing, restaurants, bars, nightclubs, and businesses taking root on the main streets of Macon’s Central Business District. To ensure the development progress continues, the county has embarked on a strategic plan, “Forward Together,” which incorporates both government and private business capital to reshape and revitalize Macon. SECOND STREET CORRIDOR RAINTREE 3.5 MI COLLEGE HILL This $13 million project is improving an area from East Macon through downtown to make much-needed This collection of neighborhoods Macon improvements and upgrades along between Mercer University and Second Street. The project is an Downtown Macon has received expansive and long-term economic national recognition for economic and development and neighborhood community development initiatives. The revitalization undertaking that includes College Hill Master Plan, which initially building a bridge to link West Macon began as Mercer University students’ MERCER with downtown, a new park, additional senior capstone project, received $5 city green space, new bike lanes and UNIVERSITY million in grant funding and has since existing bike path connectors, additional been leveraged into nearly $200 million In the past few years, Mercer University landscaping, improved sidewalks, in economic development activity. has partnered with many of the city irrigation systems, and more. Additional development in the area revitalization efforts to build a stronger DOWNTOWN includes The Lofts at Capricorn (a $19 Macon. Specific development the million loft project) and Mercer Music at MACON University has been involved with near Capricorn (a recently renovated $1.35 the campus includes a pedestrian million music venue). Macon recently launched the Downtown bridge over Mercer University Drive that Challenge, a $3 million three-year connects Mercer’s football stadium and program to fund community-driven the main campus, a series of mixed-use projects launched by the Community buildings featuring ground-floor retail Foundation of Central Georgia. Selected with student housing above, and Mercer projects that have been chosen consist Landing (a building encompassing of improved streetscapes, a Downtown office and retail space, apartments for Venture Fund to provide funding to undergraduates, and a 95-room Marriott entrepreneurs, an entrance gate to TownPlace Suites hotel). Ocmulgee Heritage Trail, and a theater production on Macon’s music history. 14 15 RECENT JOB ANNOUNCEMENTS: DEMAND Stevens Aviation: In November 2018, Stevens Aviation announced it will bring 150 jobs to the old Bombardier hanger near the Middle DRIVERS
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