Overview
Hidden Lakes:
Franklin Street is pleased to present Hidden Lakes, a 144-unit apartment community built in 1988. The Hidden Lakes apartment community is in Macon, GA, and offers comfortable living options for individuals and families alike.
Hidden Lakes features one, two, and three-bedroom apartments with open floor plans and a variety of amenities. These include a swimming pool, fitness center, playground, and clubhouse. The community is pet-friendly and offers ample parking. Hidden Lakes is located near major highways, making it convenient for commuting and travel.
Shadowood West:
Franklin Street is pleased to present Shadowood West, a 152-unit apartment community built in 1985. The Shadowood West apartment community offers one, two, and three-bedroom apartments with spacious layouts. The community offers a swimming pool, fitness center, and playground. Shadowood West is pet-friendly and provides a serene living environment, surrounded by beautiful landscaping. The community is located near popular shopping centers, restaurants, and schools.
The properties provide access to Mercer University, the primary option for higher education in the area and are located a little over a mile from the Eisenhower Parkway retail corridor which features national brands the likes of Home Depot, Aldi, Kroger, Sams Club, and Walmart.
Investment Highlights
Hidden Lakes
Value Add Opportunity
- 100% of the 144 units are “Classic” having received no major renovations outside of light unit turns at the expiration of a lease term.
- The implementation of a value-add strategy can unlock rent premiums while providing tenants an improved living experience.
Proximity to Major Employers
- Geico has a regional office roughly 15 minutes from the properties employing over 7,000 workers.
- Mercer University is another major employer in the region and is located roughly two miles from Hidden Lakes & Shadowood West.
- YKK, a Japanese zipper manufacturer is now employing over 600residents at its manufacturing plant roughly 20 minutes from the properties and recently announced an increase of their minimum wage to $15/hour.
Shadowood West
Value Add Opportunity and Below Market In-Place Rents
- 100% of the 152 units are “Classic” having recieved no major renovations outside of light unit turns at the expiration of a lease term.
- The average in-place rent of these units is between $25 and $35 below market when compared to properties of similar vintage and location.
- The implementaion of a value-add strategy can unlock this rent premium while providing tenants an improved living experience.
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