Multifamily

Thomas Ridge Apartments

2509 Thomas Ln, Augusta, GA 30906

Listing Price: $6,250,000

Cap Rate
5.81%
Number of Units
104
Price/Unit
$60,096
Price/Gross SF
$56.36
Gross SF
110,900

Investment Overview

Thomas Ridge in Augusta, GA, is a Class-B multifamily asset built in 1978. The apartments consist of 104 units in 14 buildings totaling 110,900 SF The property has a diverse unit mix of (22) one-bedroom / one-bathroom units, (61) two-bedroom / two-bathroom units and (21) three-bedroom / two-bathroom units split between traditional and townhome layouts. Thomas Ridge is one of the few properties in the area offering 1, 2 and 3-bedroom floor plans. This property has been well maintained with a structured schedule of maintenance and renovations, including a mix of upgraded interiors with improvements to carpet/flooring and upgraded kitchens with granite counter tops. Ownership has also re-paved the parking lots, repaired sidewalks and decks, repaired stairways. Ownership has replaced windows and sliding doors in an as needed basis and removed several trees. An immediate value-add opportunity exists through finishing renovations completed in the remaining units and increasing rents to market levels. Additional value-add renovations can be implemented by continuing to improve the interiors, upgrading kitchen appliances, flooring and exterior curbside appeal. The property is surrounded by national and regional retailers. The Cherokee Shopping Center is just one mile away, additionally, the property is surrounded by McDonalds, Arby’s, Checkers, Little Caesars, Waffle House, AutoZone, BP, and Kia. Dominant industries in the area include cybersecurity, biotechnology, medicine and the military. This attractive investment opportunity is located two miles off Highway 20, the main highway traveling from Atlanta through Augusta to Columbia, South Carolina.

Investment Highlights

  • Immediate Value-Add Opportunity exists through finishing renovations
  • A Diverse Unit Mix
  • A Well-Maintained Property in a Central Location

Exclusively Listed By

  • John T. McCalla

    Senior Vice President Investments

    Email John

    License(s): GA: 286386

    Atlanta

  • Nate McDaniel

    First Vice President Investments

    (704) 831-4638

    Email Nate

    License(s): SC: 96405, NC: LC539, GA: 388003

    Charlotte Uptown

  • Ian Turnbull

    Senior Associate

    (843) 952-2265

    Email Ian

    License(s): NC: 292026, SC: 104521, GA: 385705

    Charleston

  • Mason Taylor

    Associate

    Email Mason

    License(s): GA: 382557

    Atlanta

Multifamily

Thomas Ridge Apartments

Listing Price: $6,250,000

Cap Rate
5.81%
Number of Units
104
Price/Unit
$60,096
Price/Gross SF
$56.36
Gross SF
110,900

Investment Highlights

  • Immediate Value-Add Opportunity exists through finishing renovations
  • A Diverse Unit Mix
  • A Well-Maintained Property in a Central Location

Investment Overview

Thomas Ridge in Augusta, GA, is a Class-B multifamily asset built in 1978. The apartments consist of 104 units in 14 buildings totaling 110,900 SF The property has a diverse unit mix of (22) one-bedroom / one-bathroom units, (61) two-bedroom / two-bathroom units and (21) three-bedroom / two-bathroom units split between traditional and townhome layouts. Thomas Ridge is one of the few properties in the area offering 1, 2 and 3-bedroom floor plans. This property has been well maintained with a structured schedule of maintenance and renovations, including a mix of upgraded interiors with improvements to carpet/flooring and upgraded kitchens with granite counter tops. Ownership has also re-paved the parking lots, repaired sidewalks and decks, repaired stairways. Ownership has replaced windows and sliding doors in an as needed basis and removed several trees. An immediate value-add opportunity exists through finishing renovations completed in the remaining units and increasing rents to market levels. Additional value-add renovations can be implemented by continuing to improve the interiors, upgrading kitchen appliances, flooring and exterior curbside appeal. The property is surrounded by national and regional retailers. The Cherokee Shopping Center is just one mile away, additionally, the property is surrounded by McDonalds, Arby’s, Checkers, Little Caesars, Waffle House, AutoZone, BP, and Kia. Dominant industries in the area include cybersecurity, biotechnology, medicine and the military. This attractive investment opportunity is located two miles off Highway 20, the main highway traveling from Atlanta through Augusta to Columbia, South Carolina.

Exclusively Listed By

  • John T. McCalla

    Senior Vice President Investments

    Email John

    License(s): GA: 286386

    Atlanta

  • Nate McDaniel

    First Vice President Investments

    (704) 831-4638

    Email Nate

    License(s): SC: 96405, NC: LC539, GA: 388003

    Charlotte Uptown

  • Ian Turnbull

    Senior Associate

    (843) 952-2265

    Email Ian

    License(s): NC: 292026, SC: 104521, GA: 385705

    Charleston

  • Mason Taylor

    Associate

    Email Mason

    License(s): GA: 382557

    Atlanta

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