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University Oaks: A Case Study
Athens, Georgia
Asset Profile
- Property ClassC
- Address2360 West Broad Street
- SubmarketDowntown Athens
- Year Built1969
- Size500 units
Ideally Situated But Long Neglected
University Oaks is a 500-unit multifamily apartment property on 36 acres of land in Athens, Georgia. This large complex is ideally located within walking distance to the University of Georgia as well as the city’s retail and entertainment district. Its apartment buildings are in the line of sight for college football game day coverage.
At the time of the University Oaks project, none of these advantages were apparent. What should have been an attractive option for students seeking lower-cost housing had fallen into a state of disrepair through mismanagement and neglect. University Oaks stood at only 50% occupancy and was extremely dilapidated. All in all, the building served as a poor ambassador for all that the Athens area had to offer.
Creating a Student Village
REAP Capital applied its multi-tiered approach to bring this challenging project through to profitability. Seasoned experts oversaw every stage of the investment life cycle. This included:
- Negotiating the acquisition of the University Oaks complex directly with the seller, an off-market Hedge Fund specializing in distressed debt.
- Planning and implementing the drywall-level renovation and apartment upgrade.
- Installing efficient property management in line with REAP Capital’s ideals and values.
The end goal was to establish a vibrant and thriving student village environment intertwined with a renewed market-rate tenant community. To that end, REAP Capital focused on both capital expenditures and accretive value-add.
Investments in the latter included cost-effective enhancements to attract and retain tenants: modern floor plans and fixtures; useful leisure and convenience amenities such as a business center; upgrades to the swimming pool; and updates to the laundry facilities.
Individuals and portfolio managers
interested in multifamily real estate investment opportunities are invited to contact REAP Capital.
contact REAP Capital