Sunbelt Fund II Updates > Spring Lake Apartments Closing Update
Spring Lake Apartments
Spring Lake Apartments is an 89-unit complex in Leesburg, GA (part of the Albany, GA metropolitan statistical area). The property is a 1995 build that has almost 100% original interiors, allowing us to capture at least $90-120 rental premiums per month with our systematic 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 Spring Lake Apartments Closing
- Located in Leesburg, GA, Spring Lake is one of just three apartment communities located in Albany, GA’s most affluent suburb and strongest school district. Boasting Median Incomes of $72,374 and $49,443 in the 1- and 3- mile areas (respectively), Spring Lake is set to benefit from strong demographics in its desirable location.
- Our plan for the asset is to implement a systematic renovation program that will include what we designate as a “medium upgrade” (vinyl flooring, appliances, countertops, hardware, and cabinets on a case-by-case basis).
- Due to the property’s deferred maintenance and more extensive renovation needs, we have budgeted approximately 17% of the purchase price in expected capital expenditure for interior renovations and amenity improvements to invest in the property over the next few years to achieve our goals for this asset.
- The property offers an attractive floorplan mix of 1bd/1bths, 2bd/1bths, 2bd/2bths, and 3bd/2bths.
- Spring Lake Apartments is situated 7 minutes away from our Huntingdon Apartments (Sunbelt Fund I), where our GA regional manager is based. Due to our existing presence in the market, we have a strong grasp on what rents are achievable at the better-located and newer-built Spring Lake Apartments. Furthermore, because of the proximity to our regional manager, we have great confidence that we will be able to hit the ground running without some of the typical operational hiccups that often occur during asset take-over.
- Since underwriting, the property’s financials have continued to trend in the right direction: occupancy has risen from the low-mid 90%s to just shy of 100%, collections continue to remain strong, and the property continues to prove out new rental high-prints on current ownership’s partial renovations.
- Spring Lake’s location within the Albany MSA is superb: aside from the aforementioned superior school system as a result of its location in Lee County, Spring Lake also boasts proximity to a plethora of local and national food options, is located less than three miles from Walmart, Publix, and Phoebe Health system, and is less than a ten-minute drive from both downtown Albany and downtown Leesburg.