ICON WAVERLY

PROPERTY INFORMATION

  • Augusta, Georgia
  • 377 Unit
  • Built 1973
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SUMMARY
  • Project Size: $46,000,000
  • Equity: $17,000,000
  • Loan: $29,000,000
BRIEF DESCRIPTION

Icon Waverly is located 5.5 miles West of the famous Augusta National Golf Club, home of the annual PGA Masters tournament. Raes Creek is part of the notoriously-known “amen corner” on the golf course, and flows through Icon Waverly.

In addition to the world-renowned golf course, there are multiple high-end retail and restaurant offerings in the area that appeal to Icon Waverly’s tenant base.

This is a low density area that is heavily wooded with good elevation changes; optimal for outdoor activities.

CoStar reports a median income of 66k within a 1 mile radius of the property. City-data.com reports the median income for the submarket is approximately $110k.

INVESTMENT HIGHLIGHTS
  • Icon Waverly is a 377-unit apartment complex sitting on over 50 acres in Augusta, Georgia. The property will benefit from Augusta's growing job market as demand continues to drive rents.
  • Previous ownership has spent $13,200,000 of capital on unit rehab, therefore all capex can be focused on upgrading amenities.
WHY WE LIKE THE DEAL
LOAN ASSUMPTION SUMMARY:
  • Assuming Freddie Mac Loan
  • Loan Balance: $32,542,000
  • Debt leverage of almost 71% (higher than a new Freddie/Fannie loan leverage in today's debt market
  • Fixed rate (3.47%); better than a bridge loan rate, and we don't have exposure to interest rate increases
  • Almost 4 years of Interest Only remaining on the loan
  • In communication with lender (Capital One) about a potential supplemental loan around year 2-3 to return some equity to investors
WHY WE LIKE THE MARKET
  • Augusta is the 2nd largest city in Georgia; population of 600,000
  • Uhaul migration test - Augusta, GA in the top 25 destinations, Jan 2021
  • 194% projected population growth by the year 2050, Feb 2021
  • Since Covid onset, there has been a net GAIN of 40 new businesses in downtown Augusta
  • Cyber Center of Excellence (Fort Gordon) brings in $2.4 Billion to the local economy
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