Park Slope Apartments  |  Macon, GA  

96 UNITS · 12 BUILDINGS · 1971 CONSTRUCTION

  Purchased  June 2016   Price  $2,200,000     Profile  80% occupied, high delinquency   Financed/Terms  FMAC, 4.33% 5 year term, 25 year amortization   Equity Raise  ~$997,000   Opportunity  10% and 8% preferred, with residual at sale   Business Plan  Rebrand, manage to 95% occupancy, increase NOI, sell

Purchased
June 2016

Price
$2,200,000  

Profile
80% occupied, high delinquency

Financed/Terms
FMAC, 4.33% 5 year term, 25 year amortization

Equity Raise
~$997,000

Opportunity
10% and 8% preferred, with residual at sale

Business Plan
Rebrand, manage to 95% occupancy, increase NOI, sell

 

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Why Macon, Georgia?

The South Macon sub-market has seen an explosion of new development and recent job announcements in the manufacturing industry.  The Kumho Tire manufacturing plant opened a new facility in 2016 and hired over 300 production workers making a $424 million investment in the facility. It is also reported that the Boeing Company will invest $81.7 million to convert its existing military facility in Macon to a commercial manufacturing plant, creating approximately 200 new jobs.

As a sub-market of the Atlanta Metro region, Macon has offers many new investment opportunities and attracts a lot of new business in the light manufacturing, logistics and aerospace industries. It is home to Mercer University, an active partner in rebuilding Macon.  They recently completed Mercer Landing, which includes apartments, retail and 95 room Marriott Town Place hotel.  The demand for worker and laborer housing has caused rents to rise about 4.9% in one year.