CS1031 High Ridge Apartments, DST

Location: 700 Mitchell Bridge Road | Athens, Georgia 30606

INVESTMENT COST: $18,695,000

EQUITY RAISE: $ 8,555,000

  • OFFERING LOAN TO VALUE: 54.24%
  • FIXED INTEREST RATE: 3.73%

Currently experiencing strong economic growth and increased employment, Athens-Clarke County was recently ranked among the 100 fastest-growing counties in the nation by the U.S. Census Bureau. The unemployment rate has decreased from 8.0 percent in 2010 to 4.7 percent as of August 2017.

Mitchell Bridge Road | Athens, Georgia

160-unit apartment community constructed in 1987 with nearly $2 million in renovations since 2013. 11 two and three-story residential, garden-style apartment buildings, a leasing office and clubhouse. Property is near 20,000+ jobs offered by leading employers in Athens

INVESTMENT HIGHLIGHTS

  • No Recent Construction/High Barriers to Entry: With strict zoning requirements and scarcity of developable land in the area, limited new multifamily properties have been developed in Athens over the past 10 years. High Ridge Apartments offers investors a significant opportunity to enter this high barriers to entry market.
  • Proximity to Amenities: Situated in Athens-Clarke County, the property is close to Athens Perimeter 10, Highway 78 and Highway 129. Residents benefit from access to the region’s nature parks, entertainment venues, upscale shopping hubs and numerous dining options.
  • Favorable Purchase Price: The property was acquired for $100,000 below the appraised value.
  • Well-Maintained, Stable Asset with Recent Capital Improvements: The property has a track record of stable performance. Approximately $2 million in capital improvements have been made since 2013.
  • Participation in Fannie Mae’s Green Financing Program: The property is enrolled in Fannie Mae’s Green Financing Program, resulting in lower utility bills and a reduced interest rate.

PROPERTY DETAILS

  • 160-unit apartment community constructed in 1987 with nearly $2 million in renovations since 2013
  • 11 two and three-story residential, garden-style apartment buildings, a leasing office and clubhouse
  • Property is near 20,000+ jobs offered by leading employers in Athens

WELL-CONNECT E D P R O P E R T Y

Nearby Employment
High Ridge Apartments is less than a 15-minute drive from Athens’ top employers, which offer over 21,000 jobs in multiple industries.

Some of the major employers in Athens include:

  • University of Georgia (10,000+ jobs)
  • Piedmont Athens Regional Medical Center (3,500 jobs)
  • Athens-Clarke County Government (1,600 jobs)
  • Clarke County School District (2,800 jobs)
  • Pilgrim’s Pride Corporation, (1,800 jobs)
  • Caterpillar (1,500+ jobs)
  • St. Mary’s Healthcare System (1,000+ jobs)

ATHENS

The Athens-Clarke County metro area’s public sector is doing the heavy lifting for a strong local economy. After falling to a multi-year low in 2015, payrolls are closing in on historic highs. Private services are likewise lending more support after faltering toward the end of last year. The jobless rate is once again below 5 percent, a cyclical low, but is still above pre-recession levels. Still, income growth is robust, outpacing the strong Georgia average. The strong labor market is propelling the housing recovery; price growth is above average, and builders are responding by raising residential construction.

The demographic data for the neighborhood indicates growth in both population and households since 2010; a trend that is expected to continue. The neighborhood currently has a middle-income demographic profile. Given the observed demographic trends, the neighborhood should continue to grow at a moderate pace.

ABOUT CAPITAL SQUARE

Capital Square 1031, LLC specializes in the creation and management of real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive offi cer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DSTs, tenant-in-common offerings, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.