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
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.
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:
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.
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