580 E. Broad Street, Athens, Georgia, US

Address: 580 E. Broad Street, Athens, Georgia, US

Florida & Gulf Coast + Apartments

Created date: September 20, 2023

Date last updated: October 5, 2023

Iconic Student Housing Asset: Well-known, off-campus asset that has large student body recognition

Consistently Leased: Asset is historically fully leased, with strong demand year-over-year

Strong Enrollment: The University of Georgia has over 40,000 enrolled and enrollment growth is expected to remain steady in the coming years

Excellent Location – Pedestrian to Campus: Property is across the street from University of Georgia campus, offering a premier, off-campus location for students

Favorable Assumable Loan: Loan can be assumed with a transaction with attractive debt terms

Unit Mix Variety: Asset offers 1-,2-,3-, 4-, 5-, and 6-bedroom unit options to appeal to a vast majority of student desires

Property Description

On behalf of ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in Farmer's Exchange Lofts, in Athens, Georgia. This iconic off-campus student housing property is located directly across the street from The University of Georgia. This 36-unit, 120-bed asset is extremely well recognized throughout the University’s student body.

Farmer’s Exchange has been well-maintained throughout the years. Current Ownership resealed the flat, TPO roof in January 2020 and has made minor repairs to the roof as needed. In 2018, the 300 Building had floors refinished, ceiling height increased, full interior and exterior paint updated, all common area lighting was replaced, laundry room was added, along with common area updates to include a pool table, package lockers, study rooms, nest thermostats and updated exterior signage. In 2021, Ownership performed a Green Loan update which included adding solar protective film to all windows and adding weather stripping on doors and windows to seal any property penetrations. Additional, low-flow shower heads were installed throughout. Recently, in 2023, the current Ownership has replaced 10 HVAC units and replaced and upgraded the entire fire monitoring system (including electrical and conduit).

The property has an excellent unit mix to cater to many students’ living desires, ranging from one-bedroom units to six-bedroom units. Currently, Farmers Exchange offers joint and several leases. All units are individually metered for electricity and are equipped with their

own AC/Heating units. Units feature exposed brick and beam architecture, an abundance of natural light, beautiful hardwood flooring, and fully equipped kitchens with cabinet storage and granite countertops. Water, trash, internet, and cable are included in the rent. Electrical charges are the tenants’ responsibility. Common area amenities include shared laundry facilities, a lounge area with a pool table, and an outdoor picnic and grill area.

The historic building has housed a variety of uses since its original construction in 1897 from a grocer to a cotton warehouse. Additional floors were added throughout the years to become a farmer’s hardware store. In 1977 the building was renovated into loft apartments, maintaining the rustic feel with exposed bricks and beams. The unique building characteristics have remained through history and a potential investor has the opportunity to acquire this iconic, historical, and well-performing asset at the corner of the University of Georgia and Downtown Athens. Farmers Exchange can be purchased free and clear, or through an attractive, assumable loan transaction. The current debt is assumable at 4.14%. I/O period will end in January 2026 and the loan matures in December 2031.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments \| Student Housing
Price:	$11,520,000
No. of Units:	36
Building Size:	38,927 Sq ft
Lot Size:	0.70 Sq ft
Opportunity Zone:	No
Price per unit:	$320,000