Bellamy Louisville

1501 Bellamy Place | Louisville, KY

Bellamy Milledgeville

145 S Irwin St ​ | ​ Milledgeville, ga

XXXX

No. of Beds

XXXX

No. of Units

XXXX

Year Built

XXXX

Proximity to Campus

The Opportunity

 

Two assets that can be purchased jointly or separately
Historically strong performing assets
COVID impacted operations positioned for rapid stabilization
Anticipated pricing substantially below replacement cost
Dramatic value-add opportunity
Rare distressed assets pedestrian to campus

 

Investment HIGHLIGHTS

Bellamy Louisville

  • Lender Involved Sale
  • Pedestrian asset within a block and a half of campus
  • Fall 2020 enrollment of 21,670 total students and only 3,465 on-campus beds
  • COVID-19 related impact reduced occupancy to only 36%
  • Projected stabilized rents are significantly below current market average
  • New owner should be able to dramatically increase occupancy by Fall ’21 and fully stabilize operations by Fall ‘22
  • Clearly defined pathway to increase NOI over 500% by Fall’22

 

Bellamy Milledgeville

 

  • Lender Involved Sale
  • Tremendous lease-up opportunity to increase NOI by an estimated $1M equating to $15M in value creation
  • COVID-19 related impact reduced occupancy to only 56%
  • Record setting high school & state-wide population
  • Asset trails market by $75 per bed while being a short 3 blocks from campus
  • Strong market fundamentals with no planned developments
  • Substantial discount to replacement cost

 

The AssetS

LOUISVILLE AMENITIES
  • Fully Gated Community
  • Resort Style Pool
  • Fitness Center
  • Computer Lab
  • Sand Volleyball Court
  • Outdoor Firepit
  • Dog Park
  • Clubhouse
  • Pool Table & Ping Pong
  • Community-Wide WIFI
  • FREE Shuttle to UofL Campus
  • Less than 1/3 Mile from Campus
  • Structured Covered Parking Deck
  • Private Bedrooms and Baths
  • In-Unit Washer & Dryer
  • Fully Furnished
  • Patios / Balconies
  • Alarm Monitoring Included
  • Hardwood style floors
  • Pet Friendly
MILLEDGEVILLE AMENITIES
  • Fully Gated Community
  • Resort Style Pool
  • 24-Hour Fitness Center
  • 24-Hour Business Center
  • 24-Hour Study Room
  • Stand-up Tanning Beds
  • Sand Volleyball Court
  • Grills & Picnic Area
  • Hammock Garden
  • Dog Park
  • Clubhouse
  • Pool Table & Ping Pong
  • Online Payments Available
  • On-Site Courtesy Officer
  • On-Site Parking
  • Private Bedrooms and Baths
  • In-Unit Washer & Dryer
  • Fully Furnished
  • Patios / Balconies
  • Alarm Monitoring Included
  • Hardwood style floors
  • Internet / Cable included
  • Pet Friendly

Bellamy Louisville

University of Louisville

Founded in 1798 as the Jefferson Seminary, the University of Louisville (UofL) is a state-supported research institution located within the Louisville Metropolitan Statistical Area (MSA), the largest metro in the state of Kentucky. Known as the first city-owned public university in the U.S., UofL is recognized nationally for its academic excellence, transformational research, and successful athletics programs. The University of Louisville boasts an enrollment of 21,670 students and employs approximately 6,390 faculty and staff members, generating an economic impact greater than $1.8 billion on the state annually.

UofL is one of the fastest-growing research institutions in the nation, ​ injecting $2.1 billion into the local economy since 2002 through its capital construction projects. ​ The university's Micro / Nano Technology Center (MNTC) is one of the nation's largest cleanroom facilities, helping the university reach unprecedented milestones and discoveries, including the world's first successful implantation of a fully implantable artificial heart and the nation's first successful hand transplant.

When operating normally, University on-campus housing can only accommodate 3,465 students leaving 84 % of students in need of off-campus housing. The Covid-19 pandemic has forced the dedensification of on-campus housing and increased the demand for student living accommodations that provide private, safe space like the units at Bellamy.

Bellamy Milledgeville

Georgia College

Founded in 1889 as the Georgia Normal and Industrial College, Georgia College (GC) is the state of Georgia's designated public liberal arts university. Situated in the city of Milledgeville, GA, less than two hours' drive from Atlanta, GA, GC's historic and beautiful campus exudes a southern charm along with a vibrant academic atmosphere. The college has been ranked highly at the regional and state level for its exceptional academic offerings, which has helped attract thousands of new students over the years. As of fall 2020, total enrollment at GC exceeded 6,870, which equates to the sixth consecutive year of enrollment surpassing 6,800.

Georgia College's services, operating expenses, and students are a catalyst for local economic activity. According to a report commissioned by the University of Georgia System, GC generates a $298 million economic impact across the region while supporting nearly 3,100 direct and indirect jobs. Moreover, the university's 35,269 alumni across the state of Georgia contribute heavily to the statewide economy through working for an array of notable public and private sector employers, such as Robins Air Force Base (AFB), the Fulton County School District, Aprio, and Navicent Health.

As of fall 2020, Georgia College offers roughly 140 certificate, minor, undergraduate, and graduate courses of studies spanning from the liberal arts to the science, technology, engineering, and mathematics fields. These courses are offered through the Honors College, Graduate School, and four colleges that consist of the College of Arts and Sciences, College of Business, College of Education, and the College of Health Sciences. When operating normally, University on-campus housing can only accommodate approximately 30% of students leaving 4,654 students in need of off-campus housing in Fall 2020. The Covid-19 pandemic has forced the dedensification of on-campus housing and increased the demand for student living accommodations that provide private, safe space like the units at Bellamy.

Berkadia Student Housing Team

Detroit Office

28411 Northwestern Hwy, Ste 300
Southfield, MI 48034
248.646.7701

Houston Office

2229 San Felipe Street, Ste 1600
Houston, TX 77019
713.974.1300

Investment Advisors
Mortgage Bankers

© 2020 Berkadia Proprietary Holding LLC

Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Click herefor additional intellectual property information. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For California and all state licensing details for the above entities click here.

For business conducted in Texas, see here for: Texas Real Estate Commission Information About Broker Services (Berkadia Commercial Mortgage LLC)​ and Texas Real Estate Commission Information About Broker Services (Berkadia Real Estate Advisors LLC). Additionally, please see Texas Real Estate Commission Consumer Protection Notice.