For Immediate Release – Wickatunk, NJ, Dec. 24th, 2021
A brand new 252-unit multifamily apartment complex with modern amenities and finishes in Augusta, GA. The Property was built in 2021 and includes 12 buildings situated on 20+ acres.
- Located less than one mile from Augusta National Golf Course, the Property is located in the National Hills area of Augusta and offers residents convenient access to major employers and quality educational institutions; the seat of state government; a vibrant, historical downtown; and numerous outdoor activities.
- Augusta is the second-largest city in Georgia and is part of the Augusta-Richmond County MSA. Its metropolitan region spans seven counties along the Savannah River in east central Georgia and west central South Carolina. The Augusta-Richmond County MSA includes charming small cities and cozy towns, scenic riverbanks and sprawling golf courses. It’s well known for its annual Masters Tournament, but its affordability and high- tech job growth also make it an attractive place to live.
- While Augusta offers many amenities akin to a slower way of life, it is also a world leader in cybersecurity. In 2019, the state-of-the-art Georgia Cyber Center opened in downtown Augusta. It serves as a public-private collaboration between numerous university, government and private-sector partners to develop technologies and train highly- talented cybersecurity experts, which has created hundreds of new jobs. The Center is also partnered with the U.S. Army Cyber Command Center, located at nearby Fort Gordon, which is the Army’s headquarters for all cybersecurity operations. The Cyber Command Center relocated from the Washington, D.C. area to Augusta in 2020, bringing with it 4,700 military personnel and 13,000 family members. The National Security Agency, also located at Fort Gordon, is one of the area’s largest employers with more than 6,000 employees. The U.S. Bureau of Labor Statistics projects cybersecurity jobs to increase by 32% between 2018 and 2028, at 10 times the growth rate for all occupations.
- The cost of living in the Augusta-Richmond County MSA is attractive to new residents particularly because housing costs are approximately 39% lower than the national average and the cost of living is approximately 18% lower than the national average.
The city of Augusta is home to a large renter population with 48% of all households renting, which is greater than both the state of Georgia (37%) and the Augusta-Richmond County MSA overall (33%). On average, the median monthly cost of renting a home in the city of Augusta is 23% less expensive than the monthly cost of a mortgage. The median annual household income within three miles of the Property is $71,023, which has caused a very low rent-to-income ratio of 15%.
Carter Exchange principals have experience managing over $77 billion in multifamily transactions totaling over 950,000 units with a combined 250 years of experience in the commercial real estate industry. “This is our 2nd investment this month with Carter Exchange and in a brand-new multifamily development in a high growth market such as Augusta, GA. We look forward to continuing the relationship with Carter and to more deals in the future” said Mike Schnurr, m.p. of Amalfi.
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Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. www.Amalficapital.biz – amalficapitalinfo@gmail.com