Sunbelt Fund II Updates > Georgetown Apartments Closing Update
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).