|Price/Rent PSF||$ 12,933,100.00|
|SQ. FT. Available||125,139|
The Savannah MSA ended 2017 with more than 3,000 new jobs, 5,000 more employed residents, a larger workforce, and an unemployment rate down 1%. Midway is a small coastal city located in the state of Georgia. With a population of 1,997 people and two constituent neighborhoods. Overall, Midway is a city of sales and office workers, service providers, and professionals. Savannah is home to Fort Stewart-Hunter Army Airfield and is known for hosting an entire past-town, Clyde. There are quite a few people in the armed forces living in Midway, and when you visit or drive around town, you will see military people in and out of uniform, shopping, enjoying life, and being part of the community. Midway is also nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Quite often, nautical areas, such as these, attract visitors and locals who come to enjoy the scenery and various waterfront activities.
The Colonies at Habersham community provides an opportunity to acquire 69+/-, and the potential to acquire many more Build for Rent portfolios, by knowledgeable and experienced local builder and developers. The community is located in Midway, Georgia, only about 30 miles outside downtown Savannah, Georgia. Being so close to Savannah provides the opportunity for tenants to experience the magic of Southern Charm and antebellum architecture Savannah offers. It also means residents are close to coastal amenities.
A key component of this portfolio is military housing from Fort Stewart, which is less than 15 miles away. Fort Stewart serves roughly 21,000 Soldiers, 29,500 family members, 3,500 civilians, and an estimated 18,200 retirees within about 50 miles. There are almost 5,000 Soldiers living on base, many of whom would prefer to live off base and are entitled to a stipend to pay for housing. Each base is required to contract with a civilian company to provide transition services, ie, find housing, for those stationed at the base. Our local property management contact is the “go-to” civilian contractor providing services to the base, along with full-service property management to homeowners. The average length of a service member’s tour is 3 years and the average length of tenancy in a house is 28.8 months.
Colonies at Habersham will offer five home sizes, from 1,522 to 2,352 square feet. The homes offer a mix of 3 to 4 bedrooms. Because the community is located just off major arterial roads, this convenience provides for residents to access anywhere in the area and beyond. Because this is a Build for Rent project, capital expenditures will be minimal for a number of years, allowing increased returns.