107 Gross Road, Kingsland, GA, 31548, US

Camden Way

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Camden Way (the “Property”), a 1985-vintage, 118-unit Cardinal community located in the desirable city of Kingsland, GA. The Property has been meticulously maintained and expertly operated by current ownership. The incoming investor can focus on interior renovations, with a recommended scope for the one-, two-, and three-bedroom units. Upgrades include luxury vinyl plank flooring, cabinetry, appliances, and paint. These upgrades can command premiums ranging from $100 to $200 based on nearby comparables. The current average rent at Camden Way is $928, while competing properties average $1,155. The property has a high occupancy rate of around 98% and the projected rent premiums can be easily absorbed. The business plan offers high returns, with a year one cash-on-cash return of 7.5%. Camden Way is conveniently located near retail centers, major employment centers, and transportation hubs.

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Attributes

Number of units

118

Year built

1985

Building area net

6,961 m²

Media

Investment Highlights

Incredible Value-Add Potential

88% (104 units) of the total count at Camden Way are targeted for improvements, with no prior value-add program in place.
Comparable assets in the area command a $227 premium over the current average in-place rent of $928 at Camden Way, with an average asking rent of $1,155.
The upgrade plan includes LVP flooring, cabinetry and hardware updates, black appliance upgrades, light fixture updates, and interior paint.
Renovations are expected to generate premiums of $100, $150, and $200 per month for one-, two-, and three-bedroom units, respectively.

Lack of Deferred Maintenance

Ownership has invested significantly in addressing deferred maintenance at the Property, replacing half of the roofs and nearly 50% of the subfloors.
Approximately $690,000 has been spent by the current owners on deferred maintenance, reducing CapEx demands for the new buyer and allowing a primary focus on value creation

Strong Returns on a Small Investment

Year one leveraged cash-on-cash return is close to 7.5%, providing positive leverage from day one of ownership and outperforming market opportunities.
Unlevered and leveraged IRRs range from mid-teens to over 20%, making the property's return profile attractive for equity investors in a challenging market environment.

Great Location for a Local and Regional Employment