Skye at Athens 235 Sycamore Dr 112 Unit Apartment Building For Sale Athens, GA 30606

PROVEN OPERATIONAL MOMENTUM & REVENUE GROWTH
Current ownership successfully executed a comprehensive renovation program, modernizing interiors and driving consistent
occupancy and revenue growth for 10 consecutive months. Notably, this performance was achieved through the fourth
quarter, outperforming the historical seasonal slowdown for leasing.
RECAPITALIZED FOR TURNKEY OPERATIONS
Ownership has upgraded 93 units (83% of the property) with a consistent finish including new countertops, faux-wood flooring,
grey-scale paint, subway tile backsplashes, and stainless steel appliances. New ownership will benefit from reduced
capital requirements, as the majority of interior and exterior projects are complete, minimizing the need for future renovation
reserves or significant CapEx outlays.
STABILIZED CASH FLOW SUPPORTS HIGH-LEVERAGE OPTION
Given the property’s recent stabilization and proven renovation program, Skye Athens is positioned to qualify for agency
financing at ~ 80% LTV. This ability to secure high-leverage debt underscores the strength of the asset’s in-place cash flow.
With the heavy lifting and lease-up complete, Skye Athens provides a “plug-and-play” opportunity with immediate stable
returns.
UPSIDE THROUGH LOSS TO LEASE AND FINISHING REMAINING 19 UNIT RENOVATIONS
A new owner can capture approximately $96,000 in additional annual revenue through renovating the remaining 19
“classic” units to match the already upgraded units. In addition, a new owner can burn off the existing gap between current
rent roll averages ($1,135) and recently achieved lease rates ($1,204).
ATHENS: UNIVERSITY ANCHOR, GROWING EMPLOYMENT BASE
UGA’s 40,000+ students and 10,800 employees underpin consistent multifamily demand. Meissner Corp.’s $250M
facility coming online in 2026 brings 1,700 new jobs to the submarket. New multifamily supply remains limited, and the
development pipeline does not threaten near-term absorption.