Covington Multifamily for Sale - Newton County
- Consistent, Strong Occupancy and Rent Growth: Since 2021, Fieldcrest Walk has an average occupancy of 96.37% and averaged 4.5% annual organic rent growth since June 2022. This strong operating performance positions the asset well for a targeted value-add strategy. Additionally, CoStar projects 4.5% rent growth in the submarket over the next 12 months, reinforcing the opportunity for continued upside.
- Impressive Demographics with Strong Submarket Fundamentals: Over the past two years, median household income within a 3-mile radius has increased by 34%, now exceeding $70,000. Additionally the population is projected to grow by nearly 12% over the next five years. From 2003 to 2020, Rockdale and Newton Counties saw no market-rate multifamily deliveries, creating a substantial gap in the workforce housing rental market.
- Attractive Assumable Loan: The property is available well below replacement cost with either new financing or through the assumption of an attractive 3.5% interest rate Fannie Mae Loan. In addition, a supplemental loan is available to take proceeds at or near 70% LTV.
- Significant Value-Add Upside: A consistent performer with rising collections over the past five years despite no interior upgrades since 2019. With 92% of units in classic condition, there’s significant upside through a renovation program. Lite upgrades on 8% of units are already achieving $200–$300 rent premiums. Furthermore, the site’s density allows for the development of 17 to 48 additional units.
- Property Fundamentals: The majority of the property was built in 1990 and features brick and vinyl exteriors, pitched roofs, copper wiring, and sprinkler systems. With large floorplans averaging 960 SF, all units are fully electric including washer/dryer connections with 70% of the units being two-bedroom floorplans.
- Rapidly Growing Economic Base: A wave of investment exceeding $6 billion is expected to bring over 9,400 new jobs in the near term, driven by major developments such as Rivian—which alone is projected to create 7,500 jobs this year—located just 15 minutes from the property.
- Infrastructure Improvements Enhance Growth: The 30,000 daily commuters traveling into Atlanta from Newton and Rockdale Counties stand to benefit from the Georgia DOT’s Major Mobility Investment Program, which aims to alleviate congestion along the I-285 and I-20 corridors and reduce travel times by up to 44%.
- Best-in-Class Amenities: The property features two large swimming pools, two tennis/sport courts, laundry facility, playground, car care center, dog park, and pond with a gazebo.
