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Flint River Apartment Homes
$17,279,000 Acquisition & CapEx Financing
Jonesboro, GA | August 2021
Thorofare Capital has funded a $17,279,000 acquisition and renovation loan for Flint River Apartment Homes, a 200-unit value-add multifamily community in Jonesboro, Georgia.
The 1972-built, 172,808 SF garden-style property will undergo substantial exterior and interior renovations in order to deliver quality, workforce housing in the southern region of the Atlanta MSA.
At the time of loan origination, the property was at a below-market 85% occupancy. The sponsor plans to offer an attractive unit mix of two and three bedroom units across a 13.12-acre site with generous parking of 1.77 spaces per unit.
The interim, interest-only financing carries an initial loan term of three years with an extension option, which is subject to performance tests. The loan’s structure includes a future-funded CapEx Holdback for planned upgrades and sizes well to an agency permanent refinancing upon stabilization.
Employment growth in the area’s booming logistics sector is boosting demand for rental product in Clayton County. Job announcements from industrial users are relatively frequent in Clayton County. Other firms such as Kroger, FedEx Ground, HD Supply, and XPO Logistics either have expanded or are expanding within the submarket, and companies such as Amazon, Home Depot, and HelloFresh continue to add thousands of warehouse jobs in the southern part of the metro.
The sponsor is a local owner-operator with a demonstrated track record of realized value-add multifamily investment in the Jonesboro sub-market as well as metro Atlanta.