Current Owner acquired the asset in early 2017 and completed a heavy remodel in 2018, giving an effective year built of 2018. Having achieved his 5-Year hold return, he is selling to redeploy equity.

Rents have been steadily increased and occupancy is now nearly optimum, thus the Seller is willing to give the new owner an initial double-digit cash-on-cash return for a newly remodeled, turn-key, stabilized asset that is not only the best-in-class but is also walk-to-class close.

The Fort Valley State Multi-Housing Market, Market-rate, and Student Housing are Fully Occupied.

Strategic Management Partners (SMP), a Top-25 management firm based in Atlanta Georgia, desires to remain in place and has approved the pricing of the management fee and the onsite management and maintenance payroll for the property used in the underwriting.

Thoughts from Brenda Stewart, Regional Manager of SMP on Villas on 8:

       “Villas on 8, located just 2 blocks from the university, is a safe, highly desirable property that is an “athlete’s enclave” of sorts. Villas on 8 has been a game-changer for student housing in

  Fort Valley with the level of upgrades and growth potential which can be taken to the next level by adding amenities like volleyball and a student study lounge”

Villas on 8 is a 1999-Year Built asset whereas, post-remodel, the Peach County Property Appraisers rates it a 2018-Effective Year Built property. Currently, the Owner only insists on 10-month leases for 144 beds, whereas, at most other schools, students expect to sign 12-month leases. All off-campus competition have 12-month leases. This situation offers the new Owner a tremendous opportunity to generate top-line growth with the signing of new leases in August 2022 simply by going to 12-month leases.

There is no direct competition for this property off-campus.