Ballast Rock
  • Home
  • Funds
  • Updates
    • Sunbelt Fund II
    • Sunbelt Fund I
  • Leadership
  • Education
    • Articles
    • Brochure
    • Press >
      • CoStar Article
      • Multifamily Executive
  • Login

Georgetown Apartments
​Closing Update

Sunbelt Fund II Updates > Georgetown Apartments Closing Update

Georgetown Apartments


Georgetown Apartments is a 102-unit complex in Moultrie, GA. The property is a 1982-1992 build that has 66% original interiors, allowing us to continue on the $150+ per month premium proven value-add program. Like the rest of our acquisitions, we will leverage our experienced management team in order to maximize the property’s performance and returns. ​

Details on the Georgetown Apartments Closing

  • Much like our purchase of Holiday Cove in Forsyth, GA (Sunbelt Fund I), part of our thesis for the success of this acquisition is the critically low supply of market-rate multifamily housing in the Moultrie, GA market. While Moultrie is a small town with a MSA population of 45,600, the entire market has a total of four market-rate apartment complexes (including Georgetown), totaling 298 apartment units. Due to the critical shortage of supply and the fact that we are acquiring Georgetown at approximately 1/3 of the current cost of construction, we see immense upside in the future of the community. 
  • Georgetown Apartments is in great physical condition, as current and prior ownership have spent a good deal on deferred maintenance, leaving the income-boosting value-add spend for our ownership period. The entire property was re-roofed in 2016, the parking lot was resealed-restriped in 2015-16, and 1/3 of the property’s HVACs have been replaced over the past 3 years.  
  • The property features a strong track record of high physical occupancy and collections; current ownership has averaged more than 98% occupancy and less than 1% bad debt over the past few years. While this means that we are not only taking over an asset with an exceptionally good resident base, but the high occupancy also indicates that there is ample room to push rents.  
  • Georgetown’s location within Moultrie is superb: the property is located less than a mile from Chic-Fil-A, Wal-Mart, Walgreens, and Tractor Supply Co, and is less then 3 miles from Home Depot, Lowe’s, Starbucks, Publix, downtown Moultrie, and the city’s other major retailers, restaurants, and attractions.  
  • Moultrie’s location in South Georgia is well situated for our operational and management teams, at the mid-point between Albany, GA, and Valdosta, GA. Our Georgia regional manager is based in Albany at Huntingdon Apartments (Sunbelt Fund I), and is frequently in Valdosta to oversee our team at Amelia Apartments (Sunbelt Fund I) and Amelia West (Sunbelt Fund I). ​

Have more questions?

If you would like to learn more about the team, the Sunbelt strategy, and investing in a Ballast Rock fund, please contact us via email by clicking the button below or IR@ballastrock.com.
Contact us
Company
Funds
Leadership

​
Resources
Updates
​
Articles
Brochure
​Business Continuity Plan 

Important Disclosures
Social
LinkedIn
Contact
Submit

The information contained on the Ballastrock.com web site has been prepared by Ballast Rock Holdings LLC (“Ballast Rock”) without reference to any particular user’s investment requirements or financial situation. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a private offering of securities.  An investment in private securities would be speculative and would involve a high degree of risk. Investors must be prepared to bear the economic risk of such an investment for an indefinite period of time and be able to withstand a total loss of their investment. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest.  All private placements of securities and other broker dealer activities are currently offered through a partnership with Independent Brokerage Solutions LLC MEMBER: FINRA / SIPC (“IndeBrokers”), which is located at 485 Madison Avenue 15th Floor New York, NY 10022. (212) 751-4424. Ballast Rock Holdings LLC and its affiliates are independent and unaffiliated with IndeBrokers. Any securities transactions or related activities offered by Ballast Rock associated persons are conducted in their capacities as registered representatives of IndeBrokers. To check the background of IndeBrokers and its representatives, visit FINRA’s BrokerCheck. Please see our Form CRS.
Read more.

© 2021 Ballast Rock Holdings LLC. All rights reserved.
  • Home
  • Funds
  • Updates
    • Sunbelt Fund II
    • Sunbelt Fund I
  • Leadership
  • Education
    • Articles
    • Brochure
    • Press >
      • CoStar Article
      • Multifamily Executive
  • Login