|Price/Rent PSF||$ 17,849,000.00|
|SQ. FT. Available||158,739|
Georgia, also known as The Peach State, is the 21st largest state in the US by land mass and 9th most populous state in the country. Georgia has been experiencing growth since 2010, with nearly 10.5 million residents today, indicating a 7.6% population growth according to the United States Census. A majority of this growth is occurring in and around Atlanta, the largest metro area in the State. Atlanta has been the site of growth in real estate, service, logistics, communications and film, and tourism. Georgia was ranked the No. 2 state for infrastructure and global access by Area Development magazine and ranked the No. 3 state for rail accessibility. The Peach State has the most extensive rail system in the Southeast and service of two Class I railroads, CSX and Norfolk Southern, plus 24 short-line railroads. Hartsfield-Jackson Atlanta International Airport is the world's busiest airport by both passenger and aircraft traffic. Also, the Port of Savannah is the fourth largest seaport and fastest-growing container seaport in North America, importing and exporting a total of 2.3 million TEUs per year. For the past five years, Georgia has been ranked the top state to do business, as well as recognized as number 1 for business and labor climate, workforce training, and “Best in Class” state economic development. Georgia is home to 17 Fortune 500 & 26 Fortune 1000 companies, including Home Depot, Coca-Cola, UPS, Delta Airlines, Aflac, Southern Company, and Honeywell to name a few. Georgia’s current unemployment rate is at 4.4%.
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This 100 home Single Family Rental investment portfolio in Georgia includes homes in 11 cities located within the Atlanta metropolitan area. Atlanta is the largest city in Georgia and the 9th largest metro area in the nation, showing strong signs of economic & population growth. The properties are primarily located in Cobb, Paulding, Cherokee, and Bartow counties giving the buyer an opportunity to take advantage of Georgia’s growing market.
Atlanta is the State Capital and most populous city in Georgia. With more than 30 colleges and universities, Atlanta is considered a center for higher education creating a large educated workforce; as of 2014, 45% of adults 25 or older in the city have at least 4-year college degrees. Atlanta is considered a “global city” and puts forth a moderate impact on global commerce, finance, research, technology, education, media, art, and entertainment. With a GDP of $304 billion, the Metro Atlanta economy is the eighth-largest in the country and 17th-largest in the world. The city has accumulated a larger percentage of Atlanta’s economic output in information technology, transportation, and entertainment industries. Atlanta is home to Fortune 500, The Home Depot, Delta Airlines, Coca-Cola Company, UPS, and Pulte Group Inc.
Marietta is one of Atlanta’s largest suburbs and contains 20% of the homes offered in this portfolio. Lockheed Martin manufacturing plant and Dobbins Air Reserve Base are the top industries in the city. The City of Marietta’s Economic Development Division fosters local economic growth by attracting and retaining businesses, encouraging redevelopment, and embracing innovation. Marietta is considered a historic city and has six historic districts with a few on the National Register of Historic Places.
The current 100 Home SFR Investment Portfolio offers 87% occupied cash flowing portfolio. The average vintage of the homes is 1990. All homes throughout the portfolio are 3 bed & 2 baths or more, 1 - 2 stories, with most homes having an attached garage. Homes range in livable square feet from 1,080/SF – 2,841/SF, with an average home size 1,587/SF. The school systems ratings vary across the grade levels according to GreatSchools. org. Rents throughout the portfolio are strong, averaging $1,360 per month and offering a 5.39% Cap Rate at Seller’s asking price.
The portfolio is also cherry pickable, a minimum of 5 homes per transaction. Cherry picking is a seller option. For example, a buyer may wish to purchase some, but not all, of a seller’s portfolio that is in a certain geographic area or is of a certain size. ‘cherry picking’ offers buyers the ability to select only those homes from a portfolio (at least five) that fit their investment criteria.
In addition, there is assumable financing in place requiring lender consent. An assumable mortgage is a type of financing arrangement in which an outstanding mortgage and its terms can be transferred from the current owner to a buyer. By assuming the previous owners’ remaining debt, the buyer can avoid having to obtain their own mortgage.