Preston Court
+1,600 sqft THs in supply constrained market
Marketing description
Preston Court offers all 1,622 SF - 3BD/3BA – Townhome units. The subject’s floorplans are far larger than any workforce properties in the area, and our square footage is on par with the new BTR product in the market.
Third party management is already in place with a 7% management fee model. They do not charge payroll.
Preston Court
-Built: 2002
-Avg. Unit SF: 1,622
-Occupancy: 100%
-Most Recent Lease $101 Above In-Place (Without Renovation)
-Gated Community
-Trails 3BR BTR Product by $639
-Opportunity to Close BTR Gap with Renovations
Investment highlights
UNDER-SUPPLIED MARKET: Jackson County boasts a 2.1% housing ratio (units/ population), one of the lowest in the state. Strict moratoriums will continue to keep new product out.
SECOND FASTEST GROWTH IN GEORGIA: Jackson County has grown its population 35% since 2020. This is the second fastest growth rate out of the 159 counties that make up Georgia.
STRONG DEMOGRAPHICS: Jackson County ranks as the 16th wealthiest county in Georgia and the subject sits in an 8/10 school district.
CLEAN ASSET: 2002 vintage asset with $102K in capex recently completed. New ownership will have no deferred maintenance to address.
STRONG FLOOR PLANS: The subject consists of all 1,622 SF townhomes. The only properties in Jackson County with larger floor plans are new construction BTR product with 2-car garages
VALUE PROVIDER: All but two of the assets built in Jackson County since 2021 are BTR style housing. The subject offers similar sized three-bedroom units with a comparable location at an average discount of $639.
ORGANIC UPSIDE: The most recent lease signed at the property was for $1,695 representing a $101 increase over the in-place average. Additionally, the property recently began charging for internet at $55/unit. This income will start to materialize in May.
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