4th Avenue Apartments 2300 4th Ave

Matthews Real Estate Investment Services™ is pleased to present this offering of 4th Avenue Apartments. This opportunity is located in the heart of Phenix City, AL – skipping distance from the Chattahoochee River which divides Alabama & Georgia. This property is centralized in the larger MSA of Columbus, GA which is the 2nd largest city in Georgia by population, & home to Fortune 500 companies like Coca-Cola, Aflac, & more. Minutes from major employment opportunities and large retailers, The 4th Avenue Apartments are strategically located to attract young professionals & blue collar tenants searching for affordable living arrangements.
The 4th Avenue Apartments have seen extensive renovations, with 31 of the 53 total units having been renovated within the last few years. Renovations include: brand new HVAC systems, complete roof replacement, kitchen remodels, bathroom remodels, paint, plumbing, landscaping, electrical, & flooring upgrades. However, there is still quite a bit of “meat left on the bone,” with around 22 units needing deep renovation. This property is currently operating at ~51% occupancy, with strong rent & population growth metrics in the surrounding community. This is an opportunity for a brand new operator to come in, finish renovations, maximize operations, and stabilize the asset to its full potential. This investment opportunity offers an attractive tax-adjusted yield, coupled with the opportunity to capture loss-to-lease compared to other projects nearby. With over ~132,000 residents in a 5-mile radius – The 4th Avenue Apartments stand to provide a massive opportunity to its next operator.