Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Village at West Georgia (the “Property” or “Village”), a 40-unit / 136-bed student housing community in Carrollton, GA which is 45 minutes from downtown Atlanta. The cottage-style Property is the closest community to the University of West Georgia (the “University” or “UWG”) with strong fundamentals.
Completed in 2013, the Property consists of 20 residential buildings, one clubhouse, and more than one off-street parking space per bed, a highly sought-after student amenity. A network of paved walkways connect the townhomes directly to West Georgia Drive, which acts as UWG’s campus boundary. Both the 2-bedroom and 4-bedroom floorplans offer private bathrooms as well as an additional half bathroom
for guests, creating over 100% bed-bath parity.
The University of West Georgia is one of the 28 institutions within the University System of Georgia, which had a $10 billion annual operating budget and contributed $20 billion to Georgia’s economy last year.
The Village at West Georgia is being offered with an attractive $6M assumable loan at a 4.77% fixed rate and 6 years of term remaining. The Property and its accompanying debt offers investors a turn-key investment with outsized returns compared with the less-favorable leverage that’s available today.
Attractive Assumable Debt Financing
Strong In-Place Occupancy
- The Village is over 99% occupied for the 22-23 AY.
Remarkable Preleasing Velocity & Rent Growth
- The Property is pre-leased 25% ahead year-over-year and will achieve greater than 5% effective rent growth.
Mark-To-Market Rent Opportunity
- An additional $141k of revenue per year can be unlocked by closing the gap between rates at The Village and the average rates by floorplan in the market.
Turn-Key Investment Opportunity
- Current ownership is replacing the interior carpets with luxury vinyl tile (LVT) to reduce turnover expenses and is approximately 35% done with this project. The Property also received new painting and improved landscaping to boost curb appeal and marketability for a new owner.
- The Village is the best located housing option in the market as it is located directly across the street from UWG’s campus, and pedestrian walkways across West Georgia Drive - UWG’s western boundary – provide tenants with an immediate pathway to campus from their townhome.