*Please contact John Brigel to get more details on the listing.
The 100%-occupied, historically full occupancy, 40-unit, 2007-constructed Cypress Suites Apartments is situated only 1/2 mile from the Regional Medical Center that just started construction on a $152M new Patient Tower that will add another 40 doctors along with their staffs. Already the "property of choice" for the medical community, this opportunity includes the ability to (1.) Upgrade existing units and raise rents AND (2.) Acquire the adjacent 4 acres of land to develop approved 36-town homes or 48 garden-type apartments.
The Owners, who are physicians, and who develop and manage Senior Living properties throughout Georgia had planned to build an upscale townhome community with gated entry on the adjacent 4 acres until Hurricane Michael swept through the Florida panhandle taking the building trades from the area and raising construction costs. Prices have come back down now , but the Owners have decided to sell and redeploy the sales proceeds into their core business of SENIOR RETIREMENT COMMUNITIES.
The Owners, have the site plans and approvals for the 36 townhomes in hand. That plan can be adjusted to 48 garden-style units with subsequent approval. The 4-acres of land, along with the concept plan for the town homesite plan may be acquired for $250,000.
The Owner/Seller also owns 20 duplexes situated immediately on the east boundary of the property and would sell those for $2M as they could be sold individually for $125,000.
The blended cap rate and annual return rate on the existing 40 units upgraded while building out the additional 36 townhomes or 48 garden-style apartments makes this a strong value-add opportunity.
The listing is in conjunction with the Georgia Broker of Record. Marcus & Millichap Real Estate Investment Services of Atlanta.
Broker of Record: John Leonard - GA License No. 252904
