Rice Creek 31 BFR Investment Portfolio Port Wentworth, GA

Listing was updated at: 04/23/2020
Property Overview
Price/Rent PSF $ 6,233,045.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 56,987
Date Available 02/04/2020
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Port Wentworth is a city in Georgia and a part of the Savannah MSA with an estimated population of 7,933 in 2016. Metro Savannah has a population of 387,543. The town has had total job growth of 2.85% and an estimated growth over the next ten years of 40.31 percent. The Savannah MSA ended 2017 with more than 3,000 new jobs, 5,000 more employed residents, a larger workforce, and an unemployment rate decrease of 1 percent.

The Savannah Harbor Expansion Project is one of the largest civil works projects in the country. The project is deepening the outer harbor and Savannah River channel to accommodate larger vessels now able to transit the Panama Canal. The project is expected to make a significant economic and job impact to the greater Savannah area. The cost of the project is estimated at $973 million and should be finished in January 2022.

Port Wentworth’s largest employers are in aviation, manufacturing, the Port of Savannah, or local government. All companies aforementioned that are not within Port Wentworth City limits are located within a 10-mile radius.

The neighborhood of Rice Creek features amazingly picturesque scenery of Georgia’s own marshes and beautiful grasslands. The community offers tenants a crystal-clear pool, a local area amenity such as a pond, and an exclusive clubhouse.

This Build for Rent (BFR) investment opportunity gives a buyer the ability to acquire 31 homes in the established community of Rice Creek, a short distance outside of Savannah, Georgia, in the town of Port Wentworth. The seller is extremely experienced and qualified and will be able to deliver the homes on a pre-agreed to schedule. The Seller is well established in the area, and their quality and professionalism are well known. The first four homes are currently under construction and two more are in the permitting process. This will allow a buyer to quickly start acquiring homes in the exciting Savannah market.

The Rice Creek community is located minutes from downtown Savannah, Georgia on major arterial roads. Metro-Savannah has a population of approximately 387,543 people. Rice Creek has a community pool, a pond, a playground, and a clubhouse. A new Publix shopping center is less than a mile from the community entrance. 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 other coastal amenities. This offering represents the first 31 homes of a larger possible acquisition.

Strong rents and moderate prices create a great opportunity for a buyer to acquire homes with strong projected returns. The Port of Savannah expansion is a major undertaking and will solidify Savannah’s shipping future and the economic activity that generates. We modeled four homes: a 1,449 square foot 3-bedroom, 2-bathroom; a 1,803 square foot 3-bedroom, 2-bathroom; a 2,040 square foot 4-bedroom and 2.5-bathrooms; and, a 2,300 square foot home also with 4-bedroom, 2.5-bathrooms. A buyer can specify other floor plans from the Seller’s extensive selection to meet their criteria. Price subject to home and finish specifications.