Fieldcrest Walk
Closed10238 Fieldcrest Walk, Covington, GA 30014
Property type
Multifamily
Unit / Space count
250
Price
$55,000,000
Year built
1989
Occupancy
94.4%
Stories
2
APN
C043000000031000
Lot size
1,144,321 SF
Number of buildings
29
Building size
240,288 SF
Property description
INTRODUCTION Fieldcrest Walk is a 250-unit, garden-style multifamily property located on 26.27 +/- acres in Covington, GA, and was built in phases in 1989 and 1990. The property offers a desirable unit mix, including one- and two- bedroom floor plans, with 70% consisting of two-bedroom floorplans. The spacious units average 1,099 square feet including a laundry room with washer and dryer connections in all units. 92% (229 units) are in classic condition, while 8% (21 units) have undergone a "lite" renovation, providing new ownership a "blank canvas" for interior renovation. Current zoning and density permit the addition of 17 to 48 more units. The property is conveniently located just off I-20 the signage visible to 90,500 daily commuters, offering a short commute to Hartsfield-Jackson International Airport, Downtown Atlanta, and Atlanta's major job centers. Covington, GA, known as "The Hollywood of the South," is the county seat of Newton County and a submarket within the Atlanta MSA poised for continued growth. PROPERTY DETAILS Year Built: 1989-1990 Number of Units: 250 Average Square Feet: 961 per Unit Total Square Feet: 240,288 Site Size/Density: 26.27 Acres / 9.52 Units per Acre Address: 10238 Fieldcrest Walk, Covington, GA 30014 Parking: Ample open spaces Access: Two points of ingress/egress points on Access Road Number of Buildings: 29 two-story residential buildings Roof: Pitched roofs with composition shingles Ceiling Height: 8-foot ceilings W/D Connections: All units have washer / dryer connections. There is also a laundry center on site. Foundation: Concrete slab Exterior Materials: Wood frame construction with vinyl siding or brick veneer exteriors Patio/Balcony: Select units feature a patio or balcony. HVAC: All units have an individual, electric forced-air system with interior closet mounted air handler and exterior pad-mounted condensing unit. Plumbing: Supply lines are PVC for all units except 940 SF which are Copper. Waste lines are CPVC. Hot Water: Units feature individual electric water heaters. Sprinkler: All buildings are fully sprinklered Wiring: Copper Electric/Gas: Total electric
Property highlights
- CONSISTENT, STRONG OCCUPANCY AND RENT GROWTH: Since 2021, Fieldcrest Walk has an average occupancy of 96.37% and averaged 4.5% annual organic rent growth since June 2022. This strong operating performance positions the asset well for a targeted value-add strategy. Additionally, CoStar projects 4.5% rent growth in the submarket over the next 12 months, reinforcing the opportunity for continued upside.
- SIGNIFICANT VALUE-ADD UPSIDE: A consistent performer with rising collections over the past five years despite no interior upgrades since 2019. With 92% of units in classic condition, there's significant upside through a renovation program. Lite upgrades on 8% of units are already achieving $200–$300 rent premiums. Furthermore, the site's density allows for the development of 17 to 48 additional units.
- PROPERTY FUNDAMENTALS: The majority of the property was built in 1990 and features brick and vinyl exteriors, pitched roofs, copper wiring, and sprinkler systems. With large floorplans averaging 960 SF, all units are fully electric including washer/dryer connections with 70% of the units being two-bedroom floorplans.
- BEST-IN-CLASS AMENITIES: The property features two large swimming pools, two tennis/sport courts, laundry facility, playground, car care center, dog park, and pond with a gazebo.
- ATTRACTIVE ASSUMABLE LOAN: The property is available well below replacement cost with either new financing or through the assumption of an attractive 3.5% interest rate Fannie Mae Loan. In addition, a supplemental loan is available to take proceeds at or near 70% LTV.
- INFRASTRUCTURE IMPROVEMENTS ENHANCE GROWTH: The 30,000 daily commuters traveling into Atlanta from Newton and Rockdale Counties stand to benefit from the Georgia DOT's Major Mobility Investment Program, which aims to alleviate congestion along the I-285 and I-20 corridors and reduce travel times by up to 44%.
- RAPIDLY GROWING ECONOMIC BASE: A wave of investment exceeding $6 billion is expected to bring over 9,400 new jobs in the near term, driven by major developments such as Rivian—which alone is projected to create 7,500 jobs this year—located just 15 minutes from the property.
- SUBMARKET FUNDAMENTALS WITH IMPRESSIVE DEMOGRAPHICS: From 2003 to 2020, Rockdale and Newton Counties saw no market-rate multifamily deliveries, creating a substantial gap in the workforce housing rental market. Over the past two years, median household income within a 3-mile radius has increased by 34%, now exceeding $70,000. Additionally the population is projected to grow by nearly 12% over the next five years.
- COMMUNITY AMENITIES: Clubhouse / Leasing Office
- 2 Swimming Pools
- Tennis Court
- Car Care Area
- Laundry Center
- Dog Park
- Pond with Gazebo
- Mail Kiosk
- UNIT FEATURES: Fully-equipped Kitchen
- Stainless Steel Appliances*
- Frost-free Refrigerator with Icemaker
- Separate Dining Area*
- Pantry
- Patio/Balcony*
- Washer/Dryer Connections
- Faux Wood Vinyl Flooring
- Fireplace*
- Walk-in Closet(s)
- Garden Tub in Master Bath
- Ceiling Fan(s)*
- Window Blinds
- * In select units
tryey45y4y