Augusta Lofts
Executive Summary
Property Overview
Augusta Lofts is a 96 - unit mixed income planned apartment development located on a 2.74 acre parcel in Augusta, Georgia . The unit mix will be 63 one bedroom units , 28 t wo bedroom units , and 5 three bedroom units . The property will produce mixed income with an additional 8,571 sqft of commercial space. The commercial space will include office spaces, small shop spaces, and a kitchen bistro/restaurant space . All units will be sold at full market rate.
Long term construction to permanent financing terms are extremely favorable at an interest rate of 3.35% for 480 months with loan to cost at 85%.
The property is positioned in walking distance to the bank of the River and downtown Augusta. The property is central to local schools, churches, community center/service buildings, restaurants, and a wide variety of shopping center s. A large courtyard will be central to the property, providing options for picnics, outdoor activities, gathering spaces for families and the community.
Property Facts
| Property Name | Augusta Lofts |
|---|---|
|
General Location |
Downtown Augusta |
|
Property Type |
Market Rate Condos |
|
Unit Mix |
63 One Bed / One Bath
28 Two Bed /Two Bath 5 Three Bed / Two Bath |
|
Commercial Space |
8,571 sqft |
|
Parking Spaces |
130 Surface Spaces |
|
Projected Build Out Cost |
$14M |
|
Sale Projections |
AMR = $250k/Unit 96 Units Total Sale $24M |
|
Investment
Return Sources
|
Sale of Units |
Property Facts
| Property Name | Augusta Lofts |
|---|---|
|
General Location |
Downtown Augusta |
|
Property Type |
Market Rate Condos |
|
Unit Mix |
63 One Bed / One Bath
28 Two Bed /Two Bath 5 Three Bed / Two Bath |
|
Commercial Space |
8,571 sqft |
|
Parking Spaces |
130 Surface Spaces |
|
Projected Build Out Cost |
$14M |
|
Sale Projections |
AMR = $250k/Unit 96 Units Total Sale $24M |
|
Investment
Return Sources
|
Sale of Units |
| Project Name | Location | Date Purchased | Date Sold | Gross Disposition | IRR |
|---|---|---|---|---|---|
|
Churchill Park |
San Antonio, Texas |
December 2002 |
January 2006 |
$20,750,000 |
22.35% |
|
Bitterwood Ranch |
San Antonio, Texas |
June 2003 |
March 2012 |
$11,094,251 |
26.02% |
|
Greentree |
Glendale, Arizona |
April 2004 |
July 2005 |
$10,955,033 |
71.19% |
|
Fifth Avenue |
San Antonio, Texas |
May 2004 |
March 2012 |
$12,398,404 |
24.75% |
|
McCain Park |
Little Rock, Arkansas |
May 2004 |
October 2013 |
$17,400,000 |
19.82% |
|
Cameron Creek |
Fort Worth, Texas |
June 2002 |
June 2008 |
$20,750,000 |
10.93% |
|
El Dorado Ranch |
Webster, Texas |
June 2001 |
Sept 2008 |
$11,050,000 |
11.95% |
|
Mission Village |
Bossier City, LA |
December 2000 |
July 2004 |
$7,300,000 |
27.35% |
|
Fountains of Tomball |
Tomball, Texas |
June 2008 |
July 2014 |
$13,583,438 |
13.74% |
|
Villages at Sage Creek |
Austin, Texas |
June 2008 |
March 2015 |
$47,000,000 |
11.67% |
|
The Park at Walnut Creek |
Austin, Texas |
June 2008 |
March 2015 |
$47,000,000 |
17.20% |
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