University Holdings extends to qualified investors the opportunity to acquire the fee simple interest in Farmers Exchange located in Athens, GA. This flagship Athens asset consists of 36 units // 119 beds. Farmers Exchange is adjacent to the University of Georgia and Downtown Athens ~ a thriving social scene full of restaurants, shops and nightlife. The property was originally constructed in 1890, but was converted to loft apartments in 1977 and extensive value-add was done from 2018-2024. LOCATION This subject property is situated in a highly sought after area that is across the street from UGA and Downtown Athens, pedestrian to the local restaurant, shop and bar corridor. The property combines for +/- 29,940 SF of rentable living space. Strategically located, this Farmers Exchange offers residents quick and easy access to the heart of campus and the local social corridor. ASSUMABLE NON-RECOURSE DEBT Farmers Exchange comes with assumable non-recourse debt with Fannie at 4.14% with IO until 12/1/26 that matures 12/1/31. The current loan balance is $7.467MM (67% LTV). MARKET The University of Georgia hit record breaking enrollment for Fall 2023 with 41,615 students. UGA welcomed their largest freshman class for Fall 2023 at 6,200 students while the acceptance rate has dropped from 42% to 36.8% over the past three years. LEASING STRENGTH & INCOME POTENTIAL Farmers Exchange is 100% occupied and 86.5% pre-leased for Fall 2024. Total annual rental income amounts to approximately $1,065,300 ($746/bed) which is a 6.1% increase from AY 22-23 and is projected to grow to $1,098,000 ($768/bed) which is a 3.1% increase from AY 23-24. These properties are under rented as comparable properties that are pedestrian to campus are charging +17% ($274/ bed) to +90% ($603/ bed) more for their 1 through 6 bedroom floor plans. Value-add opportunities include furnishing the property and offering individual leases for students. VALUE ADD COMPLETED This flagship Athens Asset was built in 1890, but was converted to loft apartments in 1977. Since the property was acquired in 2018, it has been well maintained through the years and has gone through an extensive renovation. In 2018, the floors were refinished and the ceiling height was increased in building 300. The property also went through a full interior and exterior paint with art and accents. All common area lighting was replaced and a laundry room, study areas, common area with pool table and parcel lockers were added. The exterior signage was upgraded, garbage disposals and nest thermostats were added. In 2020, the roof was fully resealed and in 2021 a green loan update was performed. This update included adding a solar protective film to all windows and weather stripping was added or replaced to all windows and doors to reduce air leakage. In 2023, 10 HVAC units were replaced and the entire fire monitoring system was replaced which included all electrical and conduit. In 2024, 5 additional HVAC units were also replaced.