59 SFD DEVELOPED LOTS - LoopNetimages1.loopnet.com/d2/-_I3DTR8iZM3DFh4c...Ackerman & Co. and Pioneer...
Transcript of 59 SFD DEVELOPED LOTS - LoopNetimages1.loopnet.com/d2/-_I3DTR8iZM3DFh4c...Ackerman & Co. and Pioneer...
EXCLUSIVE OFFERING
BECKONRIDGE
NEWTON COUNTY l GEORGIA
59 SFD DEVELOPED LOTS
JOHN SPEROS Senior Vice President Ackerman & Co. Direct: 770.913.3910 Mobile: 404.578.7033Email: [email protected]
J.T. SPEROS Associate, Brokerage Ackerman & Co. Direct: 770.913.3949 Mobile: 404.775.3919Email: [email protected]
KYLE GABLEBrokerPioneer Land Group Direct: 770.225.0718Mobile: 404.867.3332Email: [email protected]
WILL GOFF Associate, Brokerage Ackerman & Co. Direct: 770.913.3957Mobile: 404.723.3379Email: [email protected]
The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of 59 developed lots in Beckonridge subdivision in Newton County, Georgia (“Property”), and is not to be used for any other purpose or made available to any other person without the express written consent of Ackerman & Co. and Pioneer Land Group. (“Broker”) and the Owner (“Owner”). This Offering Memorandum was prepared by Broker, and the information contained herein has been obtained from sources that Broker deems to be reliable, and Broker has no reason to doubt its accuracy. However, neither Owner, its affiliates, officers, directors or employees, nor the Broker, nor any other party, make any warranty or representation, expressed or implied, as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information and any downloadable files. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property. Ackerman and Co. and Pioneer Land Group represent the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters.
This Offering Memorandum is exclusively presented by the Broker. For additional information or to schedule a property tour, please contact:
Disclosure / Confidentiality Statement
59 SFD Developed Lots | Beckonridge | Newton County, Georgia
SFD LOTS59Subdivision Entrance
View of Lots
01. THE OPPORTUNITY
02. THE PROPERTY
03. THE MARKET
04. THE PROCESS
05. SUPPORT INFORMATION (DOWNLOADABLE)
n Google Earth KMZ Filen Preliminary Plat
tableof contents
4BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
the opportunity
n Excellent location situated less than 6 miles south of Interstate 20, offering convenient access via the Crowell Road interchange or the Turner Lake Road interchange.
n Downtown Covington is less than approximately 5.5 miles away and offers retail, entertainment and dining options.
n Often called the “Hollywood of the South” as many movies and television shows have been filmed there. Triple Horse Studios is a major film studio located in Covington, and Three Ring Studios is a new film studio currently under construction.
n Covington Town Center and Covington Plaza are two other major projects currently in development that will serve the studio when they open.
n Located in the Newton County Market in which yearly starts are up 16% and yearly closings are up 21%.
n “Clean slate” subdivision allowing a builder to build at desired market house pricing.
n The supply of VDLs continues to decrease quarter after quarter in Newton County and the Alcovy High School market. Beckonridge can fill the immediate need for housing as the supply of VDLs continues to decrease.
The balance of this Offering Memorandum provides detailed information on the Property and the market. Interested parties should submit a term sheet pursuant to the terms outlined in the Process section of this Offering Memorandum.
Ackerman & Co. and Pioneer Land Group are pleased to present 59 future single family detached (“SFD”) lots in Beckonridge subdivision located in Newton County, Georgia.
Beckonridge offers the following attributes:
View of Lots
the property
162
162
81
20
The Oaks Golf Course
Crowell Rd NBrow
n Bri dge Rd
20
20ATLANTA
155
155
138
DECATUR
LITHONIA
CONYERS
LAKEVIEW ESTATES
JONESBORO
STOCKBRIDGE
FOREST PARK
COVINGTON
Beckonridge is located on Highway 162 in Newton County, Georgia. The approximate address to the entrance of the subdivision is 1445 GA Highway 162, Covington, GA 30016.
Location
BECKONRIDGE
5BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
81
162
162
BROWN BRIDGE RD
®
20
3-Ring Movie Studio
Covington Plaza
6BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
High Altitude Aerial with Retail
the property, cont’d.
BECKONRIDGE
TIMBERWOODS DR
WILDCAT CREEK DR
SPRING VALLEY TRCE
SHELBY OAKS TRAIL
MOUNTAINVIEW DR
MOUNTAIN DR
162
162
7BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
Low Altitude Aerial
the property, cont’d.
BECKONRIDGE
C
M
Y
CM
MY
CY
CMY
K
8BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
Overall Development Plan
the property, cont’d.
To the right is the layout for Beckonridge. The PDF version can be downloaded through the Support Information section of this Offering Memorandum.
9BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
Zoning / Requirements
the property, cont’d.
Utilities
Beckonridge is currently zoned R1-Conditional in Newton County. The Development Plan that was designed and is based on this zoning with the conditions as shown below:
Minimum Lot Size: 25,000 SF
Minimum Heated Floor Area: 1,800 SF
Undisturbed Buffer Along Entire Perimeter within lots: 25’
No Vinyl Siding
Domestic water is available via Newton County Water and Sewer Authority. Sewage disposal is done by individual septic tank. All utilities should be independently verified by potential purchaser.
10BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
Alcovy High School
Livingston Elementary School
Indian Creek Middle School
Alcovy High School
SCHOOLS
Schools
the marketBeckonridge is located in Newton County which has a population of 98,958 people. The city of Covington is the county seat. For years, Covington has been known as “Hollywood of the South” due to the fact that many movies and TV shows have been filmed in and around the city. As the film industry continues to grow, so does the City of Covington. Below are some market highlights from the growing Newton County and City of Covington:
11BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
n Founded in 1991, Triple Horse Studios is located in Covington and is a motion picture production company and production studio with a full digital post production facility. It includes sound stages, scenic operations, camera, lighting and grip equipment departments as well as a post-production division with screening rooms, editorial, sound, visual effects, color grade and finishing.
n Currently under construction, Three Ring Studios is a nearly 200-acre film studio and entertainment complex. It will consist of three campuses dedicated to film, music, and other entertainment.
n Covington Town Center is another project in development. This is a $200 million mixed-use district with a 68,000 square foot cinema, 341,300 square feet of retail and restaurant space, 353,000 square feet of office space, natural woodlands, three hotel sites and 800 new residences, including brownstones and multi-family.
n Covington Plaza is a $100 million office project that will consist of 350,000 square feet of Class A office space designed to suit movie and television productions, and the project could house as many as 2,000 employees.
With all of the established, developing, and future projects in Covington, the city is becoming a place that will desire growth. There are thousands of new jobs in the near future, and with the new jobs will be the need for new housing, making Beckonridge an excellent opportunity for a builder to establish a presence in this market.
Three Ring Studios
YEAR
%TOTAL METRO
ATLANTA SFD NEW SALES
# OF SALES
% OF GROWTH IN NUMBER OF
SALES
AVERAGE SALES PRICE
% GROWTH IN AVERAGE
PRICE
2014 1% 98 – $200,000 –
2015 1% 177 +80.6% $215,000 +7.5%
2016 1% 192 +8.5% $224,000 +4.2%
2017 2% 334 +74.0% $226,000 +0.9%
2018 2% 503 +50.6% $236,000 +4.4%
12BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GAthe market, cont’d.
Newton County District Detached Housing and Lot Analysis
The housing market in Newton County has continued to show trends of growth for both new and resale SFD houses. In 2018, the average resale price of a SFD house sold was $163,000. For houses built in 2005 or later, the average resale price was $196,000. The new construction SFD housing sales data for Newton County from 2018 is as follows:
Below are the highlights for this market:
n Annual starts in this market increased 16% to 601 annual starts in 1Q19.
n Annual closings in this market increased 21% to 524 annual closings in 1Q19.
n The month’s supply of VDLs in this market decreased 25% in the last four quarters.
n The number of total VDLs has fallen 13% down to 3,291 VDLs in the last four quarters.
YEAR % TOTAL
NEWTON COUNTY SFD NEW SALES
# OF SALES % OF GROWTH IN NUMBER OF
SALES
AVERAGE SALES PRICE
% GROWTHIN AVERAGE
PRICE
2014 3% 3 - $132,000 -
2015 11% 19 +533.3% $186,000 +40.9%
2016 21% 41 +115.8% $207,000 +11.3%
2017 25% 83 +102.4% $225,000 +8.7%
2018 41% 208 +150.6% $226,000 +0.4%
13BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GAthe market, cont’d.
Alcovy High School Detached Housing and Lot Analysis
The housing market in the Alcovy High School market has continued to show trends of growth for both new and resale SFD houses as well. Through the second quarter of 2018, the average resale price of a SFD house sold was $149,000. For houses built in 2005 or later, the average resale price was $179,000. The new construction SFD housing sales data for the Alcovy High School District from 2018 is as follows:
Below are the highlights for this market:
nAnnual starts in this market increased 77% to 298 annual starts in 1Q19.
nAnnual closings in this market increased 93% to 218 annual closings in 1Q19.
nThe month of supply of VDLs in this market decreased 52% in the last four quarters.
n The number of total VDLs has fallen 15% down to 1,587 VDLs in the last four quarters.
With the continued decreasing supply of VDLs located in Newton County and the Alcovy High School market, we believe Beckonridge can fill the immediate need for housing in this market.
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the process
The owner desires to sell the lots on a bulk basis with an offering price for the Property of $1,770,000 ($30,000 per developed lot). The subdivision is currently not final platted, and the owner will final plat and top coat the street upon the completion of the due diligence period. Future buyer will be responsible for the road bond and storm water bond.
Interested parties should submit proposals in the form of a proposed term sheet that includes the following information:
nPrice
nEarnest money
nDue diligence period
nClosing period
nContingencies
nOverview of purchaser including financial capabilities
We are available to discuss the project and address any questions at your convenience.
15BECKONRIDGE | 59 DEVELOPED LOTS l NEWTON COUNTY, GA
support information
Below are files that are related to Beckonridge and may be downloaded. Some of the files may not be compatible on a mobile device and will need to be downloaded on a desktop. Click the links to open the files.
nGoogle Earth KMZ File
nPreliminary Plat
To view all downloadable documents in one folder click HERE.
JOHN SPEROS Senior Vice President Ackerman & Co. Direct: 770.913.3910 Mobile: 404.578.7033Email: [email protected]
J.T. SPEROS Associate, BrokerageAckerman & Co. Direct: 770.913.3949 Mobile: 404.775.3919Email: [email protected]
KYLE GABLEBrokerPioneer Land Group Direct: 770.225.0718Mobile: 404.867.3332Email: [email protected]
WILL GOFF Associate, BrokerageAckerman & Co. Direct: 770.913.3957Mobile: 404.723.3379Email: [email protected]
FOR MORE INFORMATION, PLEASE CONTACT:
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