HIGHLIGHTS

170 Beds

Newer Construction

Well-Maintained

Close to Albany State University - West Campus

New Roofs Installed 2 Years Ago

$25K in Furniture Improvements

High Yielding Investment Asset

Only Student Housing Purpose Built Asset in Market

THE ASSET

170

Beds

2000

Built

18.93

Site Acreage

45,700

Total SF

College Park Apartments is one the newest multifamily housing properties in the city of Albany, Georgia. Built specifically for student housing in 2000, College Park has served as the primary off-campus housing choices for students of Albany State University and is the sole multifamily property that borders the The Darton College of Health Professions at Albany State University (formerly known as Darton State College) campus.

College Park's variety of spacious quad-suite, double-suite, and studio floor plans; proximity to campus; and walking trail that leads directly to the school makes this both a convenient and desirable off-campus housing option.

In November of 2015, the Georgia Board of Regents approved the merger of Albany State University and Darton State College. The merger brings together over 6,600 students to serve southwest Georgia - effectively doubling the market of student housing tenants for College Park. College Park is expected to be 100% pre-leased for the 2019/2020 Academic Year as it will serve as the primary off-campus housing for student athletes. College Park offers several value-add opportunities including additional development by sitting on nearly 19 acres. This creates enough vacant land to construct new amenities and additional units. Furthermore, the current market rents at College Park are significantly lower than those currently being offered for on-campus housing at Albany State University providing an  opportunity for considerable rental growth and security of student demand for affordable off campus housing.

With strong in-place operations and income over the current academic year, College Park provides the opportunity for an investor to acquire a 2000 vintage asset requiring no capital improvements at an above-market yield generating mid-teens cash-on-cash returns  on day one. 

AREA HIGHLIGHTS

The Albany, Georgia Metropolitan Statistical Area (MSA) is the ninth-largest metro in the state, consisting of Dougherty, Terrell, Lee, Worth, and Baker counties in the southwest portion of the state. According to Tetrad, the MSA is home to approximately 153,950 residents. By 2023, the region's population is slated to increase by 3.0%, reaching 158,485 people.

The MSA is anchored by the city of Albany which serves as the commercial, educational, and cultural hub of the region. Greater Albany's economy is sustained by the defense industry while the health care, logistics / distribution, and manufacturing segments round out the other sectors that underpin the local economy. Albany does provide opportunities to new businesses by providing a skilled workforce, continual upgrades to its infrastructure, improvements in public safety and numerous economic development initiatives, such as its Opportunity Zone which offers a $3,500 tax credit per job created.

Major employers in Albany include:

  1. Phoebe Putney Health System
  2. Procter & Gamble
  3. Albany State University
  4. Marine Corps Logistics Base - Albany
  5. MillerCoors
  6. Coats and Clark Inc
  7. Teleperformance USA
  8. Thrush Aircraft
  9. Mars Chocolate North America
  10. Georgia Pacific Corp.

According to the Bureau of Labor Statistics (BLS), the unemployment rate in the Albany MSA was 4.7% as of February 2019, down 40 basis points from one year prior. Over the same time period, the metro area added 600 jobs, equating to a 1.0% annual increase.

Investment Advisor

JEREMIAH JARMIN, J.D., CCIM

Director

404.654.2609

Jeremiah.Jarmin@berkadia.com

ATLANTA OFFICE

Three Alliance Center, 3550 Lenox Rd NE

Suite 2600

Atlanta, GA 30326

Phone: 404.445.1066 | Fax: 404.445.1065

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx