Light Value-Add: New ownership will have the opportunity to add value to the property through a light renovation, such as replacing the countertops, painting the cabinets, replacing the backsplash, or upgrading the kitchen flooring.
Loss-to-Lease Burnoff: Recent Leases are averaging over $50 more than in-place rents, allowing new ownership organic value-add potential through increasing rents.
Well Maintained Through Significant Capital Spend: Current ownership has spent significant capital updating the interiors and exteriors of the property, including interior paint, exterior paint, fitness center, pool deck, pergolas, new HVAC, new appliances, fencing, and paving/parking lot work.
Multiple Major Investments: In recent years, Phoenix City has had multiple large investments into the local economy, including:
• Daechang Seat Co.: $9 million investment; 100 jobs
• Phenix City Event Center: $900,000 investment; 7,000 person capacity
• The Village at Crosswinds: $20 million mixed-use development in lease-up phase
• Arbor Vita8: 75,000 SF facility; Largest hemp processing facility in the southeast region
Proximity to Columbus Employers: Residents will have quick access to Columbus, GA employers, including:
• Fort Benning: 42,870 jobs
• TSYS: 5,500 jobs
• Aflac: 3,800 jobs
• Columbus Regional Healthcare: 2,850 jobs
• St. Francis Hospital: 2,500 jobs
5th Largest Military Base: Fort Benning has a $4.8 billion per year economic impact for the region and supports over 200,000 military, civilian, retiree, and reserve personnel.
Proximity to Auburn: Summertree is 30 miles from the city of Auburn, which is anchored by Auburn University (30,737 students; 7,100 jobs) and East Alabama Medical Center (3,000 employees; 340 beds).
Nearby Opportunity Zone Provides Attractive Development Opportunity: Summertree is located less than 1.5 miles from Phenix City’s Opportunity Zone, providing a future roadmap for developers