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Apartment complex sells

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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.

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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.

Olive Point apartments at 1750 Essie Mcintyre Blvd. Photo courtesy of Costar.com

3 COMMENTS

  1. The apartments are a big deal purchase with the road improvements and existing new apartments in the once Sunset homes down 15th Street but the purchases on the Laney Walker and James Brown Blvds could ring as a super huge platform for new owners that have remained nameless in this article.

  2. Yes, this is definitely a significant event for Augusta’s inner city. A follow-up story interviewing the new owner and laying out their plans is warranted. Additional interviews with Augusta’s planning director and perhaps another expert on the local commercial real-estate market would give the story needed context.

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