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Turnkey, Ground Up, Build For Rent -Huntsville, AL

Huntsville, AL

237# of Units

1243Avg. Sq. Ft.

$2215Avg. Rent

Finished Lot-Sale | Build For Rent

Overview

Jim Chapman Communities (JCC) presents The Cottages at Sweet Briar Farms, a horizontal apartment-style ranch cottage home community offered as a turnkey, build-for-rent opportunity. The offering encompasses acquiring finished lots from the developer, Jim Chapman Communities, with a programmatic project development plan from the builder, Jim Chapman Construction Group, combined with a proven operations & property management plan from Rangewater Real Estate. 18 minutes from downtown Huntsville, AL, the project is the eighth dedicated build-for-rent community designed and developed by JCC. The Cottages at Sweet Briar Farms is a single parcel on which 237 developed pads reside, which will allow for pre-designed, ranch-style cottages with unit sizes ranging from 2-bed, 2-bath to 3-bed, 2.5 baths with one- and two-car garages that are currently ready for vertical construction. The project was designed similarly to the previous Jim Chapman Community projects with a full suite of amenities including a community clubhouse, fitness facilities, a community swimming pool, and family park.

JCC is a 20+ year-old company with roots in the Atlanta, GA market, having developed a series of successful for-rent communities that have subsequently sold to institutional investors. With a track record of delivering high-quality construction and unit designs fitted to targeted renters, JCC developed The Cottages at Sweet Briar Farms to fill the unique needs of single professional adults, early-stage families, empty nesters, and retirees in the Huntsville market.

 

 

THE OFFERING

The project is being offered as a comprehensive Build For Rent acquisition opportunity including the lot sale, general contractor services by JCC for the vertical component, and property management and operations services from Rangewater Real Estate.

All aspects of Sweetbriar Farms, from the land entitlement to development and operations, having been carefully designed and underwritten to deliver a project that offers superior risk-adjusted returns for the right buyer.

 

 

 

WATCH THE Q&A DISCUSSION WITH DEVELOPER, JIM CHAPMAN OF JCC AND OPERATIONS PARTNER, RANGEWATER

What makes Jim Chapman Communities different from a typical production builder?

What made Sweet Briar Farms stand out as a good Build For Rent opportunity? 

How did JCC leverage Rangewater as PM to vet Sweet Briar Farms from a rental perspective?

How many projects has Rangewater managed for Jim Chapman Communities? 

What is JCC’s track record in building communities like Sweet Briar in other markets? 

How are your previously built projects performing?

How has Rangewater substantiated the rental estimates provided in the market study done on Sweet Briar Farms? 

How did JCC leverage Rangewaters market knowledge to inform the product type for the Huntsville project?

General explanation of the Turn Key Build For Rent model.

How does JCC interact with a buyer from the lot closing to the building of units?

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Highlights

  • 237 townhome units contained on one single parcel
  • Unit mix and sizes are at the discretion of the end buyer
  • 11 miles/18 minutes to downtown Huntsville

Underwritten Unit Mix:

  • 118 units 2 bed/2 bath/1 car garage, projected rent $1850, projected cost $193,120
  • 119 units 3 bed/2 bath/2 car garage, projected rent $2450, projected cost $278,000

Projected Returns:

  • 7.0% projected levered yield on cost
  • 2.44x equity multiple
  • 21.25% annualized IRR projected over a 5-year hold at an exit cap rate of 5.5%

Utilities available at site:

  • Water/Sewer-Integra Water
  • Power-Huntsville Utilities

School scores:

  • Elementary 9/10
  • Middle School 6/10
  • High School 5/10

Community Amenities Include:

  • Clubhouse
  • Model Unit
  • Fitness Facility
  • Swimming Pool
  • Post Office Kiosk
  • Family Playground

 

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