PRICE : | $9,600,000 |
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CAP RATE: | 6.3% |
PROPERTY TYPE: | Senior Housing |
SITE SIZE: | 5.45 Acres |
UNITS: | 79 |
YEAR BUILT: | 2008 |
Opportunity to acquire Lake Shadow Condominiums, a 79-unit portfolio located in the Atlanta submarket of Gainesville, GA which is less than 5 miles from Lake Lanier. The offering includes (12) 1 bed / 1 bath, (43) 2 bed / 2 bath, and (24) 3 bed / 2 bath units. The sale will also include the club house, pool, tennis court, 32 parking garages and control of the HOA. The property has continued to experience strong rent collections throughout the pandemic with collections above 95% and is being sold with an high occupancy of 98%.
Built in 2008, the property features spacious 1, 2, & 3 bedroom floor plans, garages, pool, tennis court, gym, secured keypad entry and so much more. This is a value-add property with upside potential for new owner to continue to push rents with light cosmetic improvements. The condominiums have maintained strong occupancy and collections with average rents of $0.85/SF which is below the market average of $1.18/SF.