The Lamar Building, Augusta GA
The Lamar Building is the most important property in Augusta, GA, home of the renown Masters golf tournament. The building was built in 1918 as the first true skyscraper in the South. Its 19 floors have become the icon of the region, visible for many miles, particularly with the I.M. Pei designed penthouse providing a modernist elan to the project. Lamar Augusta LLC is in contract to acquire the property and convert the building into 75 luxury apartments.
Overview
SXP Augusta LLC is the investment partner with Lamar Augusta LLC for the acquisition and redevelopment of the Historic Lamar Building in Historic downtown Augusta, Georgia. Collectively, the principals of SXP Augusta LLC have a combined eighty plus years of hands-on in industry experience relating to the acquisition, repurposing and redevelopment of distressed assets throughout the United States
COMPANY OBJECTIVE VALUATION
| SXP Augusta LLC ‘s development partner, Lamr Lamar Augusta LLC has invested over $2,000,000 to date in earnest money deposits, acquisition and development | SXP Augusta LLC together with Lamar Augusta LLC intends to convert the building into 75 residential units with one of a kind spectacular views of Augusta. | Based on an assumed 5% cap rate upon stabilization, it is anticipated that the completed stabilized value of the property will be approximately $33,900,000. |
- Augusta, Georgia, USA
- The Lamar Building is the most important property in Augusta, GA.
- Additional drivers include a sizeable regional medical community, the arts through multiple theaters and venues, and education including Augusta University and Paine College.
- Home of the renown Masters golf tournament.
- Work is scheduled to commence no later than September 1, 2024 and to be completed before mid-2025.
- A key driver of Augusta’s growth is the presence of the U.S. Army Cyber Command at Fort Eisenhower (fmr. Fort Gordon).
- 75 Class “A” apartments along with 8,000 SF in ground floor retail, resulting in an expected first stabilized year NOI of $1,603,000, and a 5% cap value of $33,876,000.
Get in Touch
Thank you for your interest in SXP Augusta LLC (Token SXPAUG). For more information about our financial services or to get in touch with our team, please fill out the contact form . We look forward to hearing from you and will respond to your inquiry as soon as possible.
For more information please email admin@cryptorealkey.com
Sign up for an investment account and to download the offering documents
"*" indicates required fields