WARNER ROBINS, GA - Biscayne Companies announced that it has completed the sale of its portfolio in Warner Robins, Georgia. The portfolio sold for $14.3 million and consists of two building complexes with 196 units.
Biscayne acquired the two properties in 2019 in partnership with Inman Equities, they rebranded the properties and did a major renovation of interiors offering upgraded kitchens and bathrooms as well as new appliances and flooring. The company has now reduced its footprint to just one property in Macon Georgia, which has a total of 72 units, and is already working on executing the disposition.
Biscayne's team thinks the Middle Georgia area has strong economic fundamentals and is an attractive place to invest for the long run, the company is working to come back and acquire newer assets in the area in the coming years.
"Warner Robins and all the areas surrounding continue to be an extremely attractive investment market as evidenced by the population, job growth, and the connectivity of Savannah's ports and major highways," said Kenneth Fantes, Principal of Biscayne Companies.
The marketing & sale process was brokered by the Cushman and Wakefield team led by Nelson Abels. He commented that “Stonegate & Stonehenge are well-located, infill assets in Warner Robins. High barriers to entry in this submarket are creating exceptional apartment fundamentals, which continue to increase investment capital cascading to this quality market.” The deal was a great example of a well-marketed property that met the needs of a prospective buyer at very favorable terms for the seller.