Alternative investment firm CIG Capital has announced it will provide $125 million in lending for The Villages at West Point, a 624-unit apartment project in West Point, Ga. The development team includes American Charter Development, which is led by Mike Morley.
The new project, which will hold its ribbon-cutting ceremony in late August, is located on 70.3 acres of land and will feature upscale and affordable apartment units and secure on-site parking facilities for boats, recreational vehicles and camp trailers. The property is located a half-mile from the Kia Motors Assembly Plant and is intended to serve both families living near work and people looking for a vacation rental facility in which to enjoy the great outdoors.
The Villages at West Point is also located less than a half-mile south of the main entrance of West Point Lake and Campground, offering access to fishing, water sports and other outdoor activities. Straddling the border of Georgia and Alabama, West Point is a small city along Interstate 85, southwest of Atlanta. The $1.1 billion Kia plant nearby is the automaker’s manufacturing plant in the U.S. and employs around 2,725 people.
Financing deals are still getting done despite the economic downturn. Last month, Strategic Holdings recapitalized a $138 million, six-property multifamily portfolio in Florida and Georgia with $22 million in equity investments from Bluerock Residential Growth REIT.