Country Place was recently renovated with all new interiors, including stainless steel appliances, hardwood flooring, painted cabinets, upgraded fixtures, and new countertops.
New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $37 per unit more than in-place leases.
RENT GROWTH OPPORTUNITY
Country Place sits below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Market rents are anticipated to grow by 8.7% in 2021, 5.6% in 2022, and 3.5% in 2023, according to CoStar projections.
WELL MAINTAINED ASSET
Current ownership has done an excellent job maintaining the exterior and curb appeal of the asset.
CLOSE PROXIMITY TO ALBANY STATE WEST CAMPUS
Country Place is located less than 3 miles from Albany State University West Campus. Albany State provides over 1,200 jobs and has over 6,300 students between the two campuses.
PROXIMITY TO ECONOMIC DRIVERS
The property offers tenants convenient access to some of Albany’s most significant economic drivers, including:
RENTER-DOMINATED ALBANY MARKET
60.6% of Albany residents rent their housing, compared to 32.1% of the general United States population.
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Country Place (“Property”) located in Albany, Georgia. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: