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Senior Housing Development Site | ± 24.5 Acres

0 Langford Drive
Watkinsville, GA 30677
PRICE : $4,900,000
PRICE PER ACRE: $200,000
PROPERTY TYPE: Land
SITE SIZE: 24.50 Acres

Highlights

  • ± 24.5 acres with $2.4 million in infrastructure in affluent area of the Athens 200,000+ MSA
  • Entitled for 158 senior-living units and 48 senior cottages. Additional ± 6.3 acres available.
  • Located next to Jennings Mill Country Club near a destination shopping mall, medical offices, Piedmont Oconee Health Campus and the DaVita's Dialysis Center
  • Unmet Demand - Independent Living: 136, Assisted Living: 245 and Memory Care: 173
  • Overall occupancy in PMA: 97%
  • Market Rents- IL Cottages: $3,000-$4,000 | AL: $4,0000-$5,000 | MC: $6,000 +
  • Household Income (55+): $114,694 | Net Worth: $1,807,293 | House Value: $317,112
  • May 2019 appraisal was $5,900,000

Description

The Fairways Senior Village is a turnkey, micro CCRC (Continuing Care Retirement Community) development in the affluent Athens submarket of Watkinsville. The site is currently zoned OIP (Office Institutional Professional) and is conditioned specifically for a CCRC (Continuing Care Retirement Community) making it the only property in Oconee county which is zoned this way. It has over ± 744' of frontage on GA-316, which has a traffic count of 22,990 vehicles per day.

The ± 24.5 acre site is divided into 2 sections that can be purchased together or separately. Section 1A is comprised of ± 17.9 acres and is entitled for 48 senior cottages, 2,000 SF each. Section 1B is comprised of ± 6.5 acres and entitled for a 158-unit, 115,000 SF, independent living facility. The site includes infrastructure for roads, street lights, utilities and sewer with connection fees included (total of ± 24.5 acres). Possible assemblage with adjacent ± 6.3 acres. This project includes a market study/feasibility study, site plan, survey, geotech reports, elevations and work plans for the 48 senior cottages.

Watkinsville is located about one-hour from Metro Atlanta and in the path of growth between Athens and Atlanta. The average net worth within a 3 mile radius of the site for age 75+ is $1,116,400, the community is part of the Athens 200,000+ population MSA which ranks #3 out of 26 most desirable retirement destinations in the US according to Forbes Magazine.

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