Asking Price: $8,500,000
Building Size: 282,316 SQ FT
Lot Size: 2178000
Cost per Square Foot: $30.11
Crystal Lake is a 235-unit gated community surrounding a tranquil lake on just under 50 acres in Macon Georgia. The existing facilities include a 12-story high-rise with 58 units, a 6-story mid-rise with 24 units, and 153 units in smaller multifamily buildings. Crystal Lake has been known as the most sought after rental community in Macon. The property is now a reposition opportunity. The apartments are vacant allowing an immediate renovation and new identity. Estimating renovations at $3 million, projections illustrate strong returns, see page 6 of the Offering Memorandum. For additional upside the property has multiple areas to add additional residences facing the lake. Macon has become a great place to invest. “In the last two years… more than $800 million in new private investment… have generated over 1,100 new jobs…” “Macon’s downtown has awakened, 53 restaurants opened downtown in recent years.” Atlanta Business Chronicle December 2018.
Key Points: Value-add reposition opportunity 235 units on just under 50 acres Lake front expansion opportunity Elevators in high-rise and mid-rise Swimming pool, clubhouse and lake Originally developed in 1971 Approximately 530 parking spaces Offered as is, offers encouraged Unit mix includes 119 three to four bedroom units