According to current ownership, 4 units at Raintree have been renovated, and these units are achieving a rent premium of up to $50. Additionally, a rent survey of the area reveals that Raintree’s 1BD units sit at the very bottom of the market.
Similar vintage properties nearby are achieving middle to upper $500’s in rent, and Macon’s apartment market is showing positive signs of growth, with a 12-month Asking Rent Growth of 2.6% and a 12-month Vacancy change of -0.4% according to CoStar. These factors provide new ownership some room to add value to Raintree.
PROVEN VALUE-ADD ON RENOVATED UNITS: According to property ownership, four units are renovated and are achieving up to a $50 rent premium, providing new ownership with a proven value-add model.
ROOM TO GROW RENTS: Raintree contains all 1BD units. Area comparables reveal 1BD units renting for up to $280 more than the subject, leaving new ownership room to potentially grow rents.
POSITIVE MACON RENT GROWTH: According to CoStar, Macon has experienced a 12-month Asking Rent Growth of 2.6% and a Vacancy change of -0.4%.
RECENT ROOF & WINDOW REPLACEMENT: Within the last 3 years, current ownership has replaced all of its roofs and windows and has also removed roughly 100 trees from the property.
PARTNERSHIPS TO REVITALIZE THE CITY: Macon is being transformed by multiple partnerships between Bibb County government, Mercer University, and a variety of for-profit and non-profit organizations that are working to attract new businesses, create new housing & infrastructure, and revitalize the downtown area.
NEARBY RETAIL OPPORTUNITIES: Macon is home to The Shoppes at River Crossing, a 750,000 SF shopping mall anchored by Barnes & Noble, Belk, Dick’s Sporting Goods, and Dillard’s. Additional area retail includes Publix, Ace Hardware, Kroger, and Food Depot.
OTHER DEMAND DRIVERS: Macon’s employment base is anchored by:• Navicent Health Medical Center: 4,600 jobs, 637 beds• Mercer University: 8,600 students, 937 jobs• Coliseum Health System: 1,400 jobs, 310 beds• GEICO - 5,500 jobs
