We are seeking $9,500,000 for an apartment complex that's 5 buildings, 64 units on a 5.1 acre lot located in Rome, GA. The lot will be purchased at $375,000 once we have a commitment and is valued at $500,000. Our middle fico score is 788 for fico 8 and 808 for fico 5,4,2. Our total liquidity is $1,800,000. Prefer rates from 8.5 - 9.5%.
If interested, a link to all the supporting documents you will need to determine the best course of action for funding will be provided.
ABOUT THE PROJECT
Summit Ridge Apartment Homes is a planned 60 unit gated apartment community consisting of 1,2 and 3 bedroom single level units. The plan is to develop the infrastructure and construct 5 multi-family buildings consisting of 12 to 14 units each. The market demand for this type of housing is extremely high. The project is located in Floyd County, adjacent to the city limits of Rome, GA. The site is centrally located near a major thoroughfare on the East side of Rome, convenient to schools, colleges, shopping, banking, health care and recreation areas.
The Summit Ridge site consists of 5.1 acres on Sunset Rd. Where all services are available. The site is situated on a hilltop overlooking the city of Rome. All the apartment buildings will be located on the west side of the property to take advantage of the view overlooking Rome. The demand for market rate apartments in the Rome area is very strong. The last major apartment complex constructed in Rome was completely leased within two weeks of completion. Although a few other apartment complexes are in the planning stages, Summit Ridge is closer to “shovel ready” than the others.
Apartment floor plans will be a single story with five units built to accessible standards. 1 BR, 1 BA units will have 750 sf. 2 BR, 2 BA units will have 975 sf. 3 BR, 3 BA units 1,200 sf. All units will have patios or balconies. Modern kitchens with “Energy Star” appliances, bathrooms with porcelain tile and Luxury Vinyl Tile throughout the remainder of the floors with a special sound reducing underlayment.
We anticipate property development and vertical construction to be completed within 14-16 months from the permit date. The community building will be used during construction as a leasing office. We will begin pre-leasing apartments when the construction is approximately 80% complete and expect 90 to 100% occupancy within 4-6 weeks after completion.
WHY BUILD IN ROME, GA?
Microsoft Corporation just announced plans to develop a $1 Billion data center within a few short miles of the Summit Ridge building site. Here is a link to the project for your review: https://www.northwestgeorgianews.com/rome/news/local/microsoft-to-invest-1-billion-in-data-center-in-floyd-county/article_128f3c2c-772f-11ee-a991-7fb8d4f28f86.html
In addition to the Microsoft project, SK Battery Corporation is currently developing a $5 Billion EV battery plant less than 10 miles from the Summit Ridge building site. This will increase Rome, Ga`s work force by 3500 people. Here is a link to the project for your review:
https://www.northwestgeorgianews.com/hometown_headlines/bartow/big-step-forward-for-5-billion-ev-battery-plant-due-between-cartersville-rome/article_838b48e8-b7a5-11ed-b53a-b754127fb55a.html
Please let me know if you have any additional questions.
