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435 Off-Base Military & Civilian BFR Investment Portfolio Cusseta GA
Listing was updated at: 11/28/2018
Property Overview
Price/Rent PSF $ 95,850,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 836,600
Date Available 11/28/2018
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Description

Location
Georgia has been voted the No.1 State for Business by Site Selection magazine 5 years in a row. This reflects into Georgia being the first Southeastern state to pass single-factor corporate tax appointment, meaning that in-state sales are the only relevant factor in determining the portion of taxable income to which the 6 percent corporate tax is applied. The Georgia Department of Economic Development has industry experts whose sole responsibility is to help the business expand within the state. GDEcD offers top-ranked workforce development for businesses, with programs like internationally-acclaimed Quick Start and public-private partnerships among the Technical College System of Georgia (TCSG), the University System of Georgia and private employers. This unique and proactive environment gives businesses a competitive advantage when it comes to learning about workforce challenges and the needs they will have over the next 5 to 10 years.

Cusseta is the county seat of Chattahoochee County and has a 2017 estimated population of 10,343 people. The median household income for Cusseta $43,929. The armed forces are a huge part of the life in Cusseta with Fort Benning, employing 40.70% of the workforce. While it is a military town, the civilian sector still plays an essential role in the local economy, where the Public Service and Healthcare industries employ 18.26% and 14.74% of the civilian workforce, respectively. The annual income of a family of four equates to $78,832. Fort Benning has a $4.75 billion economic impact in the Columbus, GA Metro, with over 100,000 people stationed at the base or somehow employed by it. The Military Housing Office on Fort Benning estimates that 70% of individually assigned to the base seek off-post housing.


Sale

This Build for Rent investment opportunity will allow an investor to invest in 435+/- to-be-constructed homes in Cusseta, Georgia. The community is just a short distance from the south gate of Fort Benning, a major military installation with approximately 100,000 people stationed at or employed by the base. Seller will sell tranches of 150+/- homes.

Fort Benning is home to the U.S. Army Infantry and Armor schools. The base provides support to over 100,000 civil service, contractors, retirees, and family members. Fort Benning is also home to 40,000 individuals under temporary orders.

The community is comprised of approximately 390 acres and has two 15-acre ponds. The recent re-zoning allows approximately 435 homes. A clubhouse with a pool and fitness center and pond amenities, such as seating and canoe storage, are also contemplated. An investor has the opportunity whether to include and the scale of such amenities.

The initial modeling for the community contemplates three floorplans. An investor has the option to reconfigure floor plans, number of homes of each floor plan, and the specifications of homes. The smallest home evaluated is for 1,600 square feet, 3-bed, 2-bath home. The middle-sized home is 1,800 square feet with 4-beds and 2.5-baths. The largest home, the Derby, is 2,168 square feet also with 4-beds and 2.5-baths. The development team recently constructed and sold a Derby model home for $247,000 and there was a wait list for additional homes. It is anticipated that in addition to these three floorplans, many additional floorplans, and concepts, such as active retirement and medium-term executive housing, will be extremely viable.

Interior finishes will include level 1 granite tops, builder grade cabinets, vinyl laminate flooring (wood floor appearance), fiberglass wall surrounds in showers, stainless steel appliances (GE or similar), cementitious exterior siding, and, PGT windows and doors. Exact specifications are subject to change and negotiation.

Location

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