Village at Rice Hope
About this Property
Village at Rice Hope (the “Property” or “Rice Hope”) is a 200 unit, Class B+ multifamily community built in 2009 in the Port Wentworth suburb of the Savannah MSA. In addition to the existing apartment units, approximately 8 acres are ready for the near-term development of 153 additional units. Additionally, included within the existing buildings are 6 unused community rooms that can be converted to studio units.
- Waypoint is acquiring a stabilized 200-unit apartment community at a significant discount to replacement cost (estimated 19%) and, by taking advantage of the infrastructure in place (streets, graded pads and utilities), believes 159 additional units can be added at a meaningful discount as well (estimated 10% savings)
- The Property is located in the direct path of north Savannah suburban economic growth, close to the expanding port and distribution activities. It is part of the 1,300 acre Rice Hope master-planned development in Port Wentworth
- Waypoint plans to invest approximately $1.1 million for interior upgrades (est. $1,200 per unit) and enhancements to the clubhouse, pool and fitness center. The integration of the new development units, together with such improvements, is expected to instill the entire Property with a “new construction” feel and increase the appeal (and potential rents) of the existing units
- The MSA has experienced employment growth of 9.5% from 2010-2014, outpacing both the State of Georgia at 7.7% and the US at 6.7%. Population growth has also exceeded that of Georgia and US averages since 1998, and that gap has widened since 2010. Savannah has a younger-than-average demographic with a higher concentration of 20-34 year olds; such age group represents a prime renter cohort in the US