Successful Multi-family sale in Augusta: The Sale of 108 Third Street's 16-Unit Apartment Complex

Augusta, GA – The Finem Group at Meybohm Commercial proudly announces the successful sale of the 16-unit apartment complex located at 108 Third Street in the historic Olde Town neighborhood of Downtown Augusta. This sale highlights the property’s unique combination of historical significance and modern convenience, and represents a strategic achievement in local real estate.

Project Overview and Client Challenge

108 Third Street is a fully renovated multifamily complex comprising four studio apartments, eight one-bedroom units, and four two-bedroom units. Each unit features new roofs, HVAC systems, water heaters, and extensive interior upgrades, blending modern living with historic charm.

The seller, Abiel Ballesteros, partner at Jacksonville Palazzo, faced the challenge of optimizing the return on investment after revitalizing the property. As an out-of-town investor with a focus on value-add projects, Abiel and his team sought the expertise of the Finem Group to facilitate a swift and lucrative sale.

Strategic Actions Taken by The Finem Group

1. Optimized Financials: Recognizing the absence of trailing expenses due to the property's vacancy at purchase, our team developed a comprehensive lease-up schedule and pro forma operating expenses to attract prospective buyers.

2. Comprehensive Marketing: We employed a robust marketing package including still and drone photography, 3D virtual tours, and detailed floorplans, enabling potential buyers to fully appreciate the property’s value remotely. This property was marketed broadly across multiple platforms including CoStar/Loopnet and Crexi.com, reaching a wide array of potential investors.

3. Efficient Transaction Management: Our team, led by Dustin Wright, efficiently managed all showings, inspections, and negotiations, culminating in a rapid transaction process that significantly benefited the buyer and seller.

Outcome and Value-Added Results

The transaction was completed with a sale price of $1,500,000, or $93,750 per door, reflecting the property’s enhanced value. The buyer, captivated by the property’s strategic location and high-quality renovations, proceeded with an all-cash purchase, closing the deal in just 21 days from contract to close.

Client Testimonial

“We’re really excited about the sale of this property. There are so many great things happening in Augusta, especially downtown. Jonathan and Dustin did a great job helping us sell this deal. Affordable properties are not something every investor understands, but these guys did a great job. The Finem Group is a solid choice for investors and multifamily owners looking for high-end brokerage.” - Abiel Ballesteros

Community Impact and Historical Significance

Situated at a crossroads of cultural heritage and contemporary living, the complex benefits from its proximity to major economic and educational centers such as the Georgia Cyber Center and Augusta University. This sale not only supports Downtown Augusta’s ongoing growth but also fosters a vibrant community, reflecting the Finem Group’s commitment to enhancing local neighborhoods.

For further details on this transaction or inquiries about other properties, please contact The Finem Group at Meybohm Commercial. The Finem Group continues to play a pivotal role in shaping the commercial real estate landscape in Augusta and beyond, driven by a philosophy of long-term, community-focused development.

For more information about our services and other successful transactions, visit Finem Group and Meybohm Commercial Properties.