Featured Multifamily Listing: 200-Unit Sierra Point Apartment Community

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Sierra-Point-Apartment-Community

Jeremiah Jarmin of Berkadia Real Estate Advisors is happy to present the exclusive listing of the 200-unit Sierra Point apartment community located at 1814 Fayetteville Road, Augusta, Georgia.

This investment property is situated on more than thirteen acres and has several golf courses are in the area, including Augusta Country Club, Augusta Municipal Golf Course, and Forest Hills Golf Course.

The community is just off Milledgeville Road and provides accessibility to Route 4/Deans Bridge Road as well as Route 278/Gordon Highway, less than one mile west.

Sierra Point has brick exteriors and pitched roofs. Community amenities include a clubhouse, swimming pool, laundry room, and playground. The property is beautifully landscaped with manicured grass areas, mature trees, and bushes.

 

With close proximity to the area’s prominent arteries, the community allows for convenience to all parts of Metro Augusta. This fully renovated asset is ideally positioned just three miles south of Augusta University (f/k/a Georgia Regents University), under three and a half miles from downtown Augusta, and less than five miles from Augusta MallAfter a $1.6M capital infusion as part of Sierra Point’s fully renovation program, the property has excellent “bones” and is in outstanding physical condition requiring minimal upfront capital.

The property’s in-place operating performance and profitability continue to rise, and coupled with the overall market growth, demand is expected to increase leading to organic rental growth. The opportunity to increase occupancy through continued marketing and increase rents through an interior upgrade program creates an additional performance play. Therefore, new ownership can be confident in strong in-place returns with the opportunity to create further appreciation.

Over the last twelve months, Sierra Point’s rental collections have increased 110% as the renovations program was finalized.

The property consists of 25 one-bedroom / one-bath units that are 620 square feet and 175 two-bedroom / one-bath units that are 830 square feet. Unit amenities include fully equipped kitchens, washer and dryer connections in every unit, and walk-in closets. Community amenities include an on-site leasing office, swimming pool with sundeck, playground, laundromat, and ample parking.

Fully renovated in 2015, Sierra Point includes the following list of substantial capital improvements:

  • Installed new high-tech gated system featuring dual keypads, call function, as well as card system
  • 23 roofs have been replaced including all damaged plywood, fêtes, and fascia boards
  • All exteriors painted
  • Installed Low E 35 feet energy-efficient windows thoroughout the property
  • The majority of the apartment exterior doors have been replaced
  • All building doors have been replaced with fire rated doors
  • Updated 95% of unit HVAC’s with an energy efficient system
  • Renovated swimming pool with new plaster, tile, and deck surface
  • Outdoor lighting has been upgraded to energy efficient and cost effective LED lighting
  • Re-striping of parking lot area
  • All new fixtures, including kitchen and bathroom faucets, light fixtures throughout, electrical light switches and plugs as needed
  • Six buildings have been totally rewired with new inside and outside service
  • All carpets and vinyl on the property have been replaced
  • 80% of kitchen and bathroom cabinets and sinks have been replaced
  • All new energy-efficient water heaters throughout the property
  • 90% of appliances have been replaced

Contact Jeremiah Jarmin Today at 404.654.2609 or by email at Jeremiah.Jarmin@berkadia.com to get a tour of the property.

See Gallery Below of the 200-Unit Sierra Point Apartment Community

Contact Jeremiah Jarmin Today at 404.654.2609 or by email at Jeremiah.Jarmin@berkadia.com to get a tour of the property.

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