580 E Broad Street Athens, GA 30601

1 / 14

View all 14 Photos

Map

This flagship Athens asset is adjacent to UGA and Downtown and comprises 36 units + 119 beds. It was originally constructed in 1897, but was converted to loft apartments in 1977 and then an extensive value-add was completed from 2018 - 2023. Farmers Exchange is currently 100% Occupied and 92.4% Pre-Leased for AY 25-26 with average rents at only $768/ bed. Surrounding competition this close to campus charges $286 - $604 more per bed for their 1BR - 5BR floor plans. This deal comes with ASSUMABLE non-recourse debt with Fannie at 4.14% that matures 12/1/31. It's on a 30 year AM and has IO until 12/1/26. Loan Balance is $7.467MM (67% LTV). Farmer's Exchange has been well maintained throughout the years. In 2018, the 300 Building had floors refinished, ceiling height increased and a full interior/ exterior paint. All common area lighting was replaced, a laundry room was added, alongside common area updates to include a pool table, package lockers, study rooms, nest thermostats and updated exterior signage. Current ownership resealed the flat TPO roof in January 2020 and in 2021 performed a Green Loan update which included adding solar film protective to all windows, adding weather stripping to all doors/ windows and adding low flow shower heads. In 2023, 10 HVAC units were replaced and they also replaced and upgraded the entire fire monitoring system (including electrical and conduit). Interior unit features include exposed brick and beam architecture, hardwood floors, white wood cabinets, granite countertops, stainless steel appliances and more. -Incredible Location: This property is adjacent to The University of Georgia and Downtown Athens. -Assumable Non-Recourse Debt: This property has assumable non-recourse debt with Fannie at 4.14% with IO until 12/1/26 that matures 12/1/31. -Strong Occupancy and Pre-Lease: Farmer's Exchange is currently 100% Occupied and 92.4% Pre-Leased 24-25 school year. -Ability to Reduce Expenses: Farmer's exchange currently includes cable in the rent, so stripping this expense for AY 25-26 would save over $7, 000 on an annual basis.1. Hardwood Flooring & Exposed Brick and Beam Architecture, 2. White wood cabinets with granite countertops and stainless steel appliances, 3. Nest Thermostats and Electronic Keys / Fob entry, 4. ASSUMABLE DEBT! Adjacent to UGA's campus