The Olive Point apartment complex behind T.W. Josey High School sold Monday for $9 million, leaving
The 181-unit complex, located on on Essie McEntire Boulevard, has some of the lowest rental rates in the 30901 zip code, according to Zillow.com.
At the time of the sale, 101 of the units were occupied with 14% being Section 8 rentals.
It is unclear if the Section 8 units will be allowed to remain.
According to documents obtained by The Augusta Press, the purchaser has over $2.5 million set aside for improvements to the property.
The seller purchased the apartments from the non-profit Augusta Neighborhood Improvement Corporation (ANIC) in 2020.
That sale incorporated all of the remaining assets of the of the non-profit including a three-story office building on Laney Walker Boulevard, and the Enclave development on James Brown Boulevard. That sale was for just under $3 million with $1.5 million being the price for the Olive Point Apartments.
The purchasers were not available for comment.