Athens Apartments LLC is an investment in a stabilized, cash flowing apartment community. The 352-unit apartment complex was built in 2000 and located in Athens, Georgia on 11.63 acres of land and will begin cash flowing to investors in early 2021. This acquisition represents a unique opportunity to secure a high-quality stabilized asset. Athens is located one-hour northeast of Atlanta, features a diversified and growing economy consisting of university presence, health care, manufacturing, and professional and business services, one of their fastest growing sectors.
The three story apartment community named Legacy Mill features 136 one-bedroom units, 190 two-bedroom units, and 26 three-bedroom units, with an average square footage of 1,043, the largest in the marketplace. The unit mix is an ideal choice for a broad cross-section of the renter demographic, from students at the University of Georgia to young professionals entering the workplace and small families with children. Unit features include Whirlpool appliances, large walk-in closets, private patios/balconies, laminate countertops, linen closets, kitchen pantry, washer/dryer connections and more. Residents enjoy several community amenities, including a swimming pool and sundeck, grilling and picnic area, 24-hour fitness center, clubhouse, car care center, two lit tennis courts, dog park, pet wash, and detached garages. There are plans for the Athens community to be upgraded in the coming years, all while remaining a cash flowing asset. The Property represents a rare opportunity in the multi-family market—a 2000 built community with 100% of property interiors in outstanding physical condition—however, the white appliances, vinyl flooring, and laminate countertops are considered dated. Once completed, the renovated units will be leased for upgraded rent premiums.
Athens, Georgia benefits from a strong economic engine in the University as well as tremendous job growth in the area. Caterpillar, the construction equipment manufacturer, began production at a new facility in 2013, which now employs over 1,700 people, exceeding original projections by two years and the headcount by 300 jobs. Officials indicate the Caterpillar facility has an economic impact of $2.4 billion on the region.
This apartment community was purchased in December 2020.