120 Ignico Dr
About this property
Brent Kubitschek 919-429-9694
John Bergin 704-804-3342
Waterstone Multi-Housing Advisors is pleased to present the Village South apartments; a 134-unit property located in Warner Robins GA. This property is undergoing an extensive and comprehensive Capital Expenditure upgrade program, and is located directly across Highway-129 from Robins Air Force Base (employing a combined civilian/contractor/active-duty workforce of over 25,000 personnel. It is the largest single-site industrial complex in the state of Georgia).
Unit features include:
- Washer/Dryer hookups
- Walk-in closets
- Hardwood floors
In addition, property amenities include:
- Laundry facility
- On-site leasing office
In addition to full unit interior upgrades – pre-budgeted & ongoing property-wide upgrades include:
- New Security system
- Complete landscaping & mulching upgrades
- Exterior safety lighting
- Laundry Room upgrades
[note: this list will continue to grow]
The property is located directly across Highway-129 from Robins Air Force Base, 2 miles from the main business/economic district in the Warner Robins MSA, and 2.8 miles from the Houston Medical Center.
Please note – this is a CapEx value-add deal. A significant amount of capital is currently being invested in this property right now, resulting in an extremely high vacancy rates, depressed rental income, and other secondary effects. While the current PL records are helpful, they are not indicative of the expected value of this property once it has been stabilized. This is also a loan assumption deal. Village South currently carries ~$6.1million at a 3.73% fixed interest rate that matures in 2029.
Military markets like Warner Robins are often considered especially attractive during economic environments like we find ourselves in today, where the potential risks of an economic recession are especially pronounced, market volatility is high, and global market outlook is uncertain. Military markets are often able to weather downturns as compared to other markets due to their high proportion of stable government jobs, and oftentimes even experience an influx in new personal, as the government often serves as a dependable, safe haven option for those who find themselves unemployed, both young and older employees alike. Robins Air Force Base currently employs a combined civilian/contractor/active-duty workforce of over 23,000 personnel. It is the largest industrial complex in the state of Georgia, with an economic impact of $5.46 billion in 2021 (+1.8% growth over 2020 levels).
This property offers a buyer the opportunity to acquire an asset that is receiving extensive upgrades, offers untapped rent increase potential of at least $83/unit (the new & higher rent rates are already being advertised by the management team for the rent-ready units), in an area well positioned to survive and thrive in an economic recessionary period, with very attractive fixed-rate assumable debt also included.
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