The Haven of Athens Monthly Progress

The Haven of Athens is the newest student housing community serving college students in Athens, Georgia. The Haven of Athens will offer unique, state of the art amenities for its residents, both inside and outside of multi-bedroom, stylistic cottages. Scroll down to read and view the latest progress on the project.

May 2020

Dear Investors:

SCG is pleased to report the progress on The Heaven of Athens site for the close of April 2020. As of April 30th, 2020, construction is going well. As of the end of April 2020, we are happy to report the following project progress:  

 

  • Footings are completed for 69 out of the 69 units.
  • Slab work is completed for 69 out of the 69 units.
  • Framing is complete for 69 out of the 69 units.
  • The rough-in for the mechanical, electrical, and plumbing has been started for 69 out of the 69 units
  • Insulation, 59 out of 69
  • Drywall complete, 55 out of 69
  • Siding complete, 69 out of 69
  • Exterior Paint complete, 55 out of 69
  • Sanitary sewer installation is 99% complete for the site
  • Storm sewer installation is 99% complete for the site.
  • The grading 85% complete for the site.
  • Pool Construction, 85% complete
  • Interior Paint complete, 65%
  • Cabinet Installation 65%
  • Permanent Power for all houses should be complete next week
  • Final Electrical Inspections complete 23 out of 69
  • HVAC Trim out 10%
  • Low Voltage Trim Out 22%
  • Ready to start sidewalk installation

Thankfully, the rain has returned to normal precipitation levels and this has help construction. Additionally, we are happy to report the following progress:

Leasing: We are now 75% preleased. We saw a nice pop in leasing activity over the last month. The recent announcement by the President of UGA was very helpful and curbed some students’ and parents’ fears of whether UGA would have in-person classes this fall. However, some are still concerned and are not signing leases yet which means there will be activity later in the summer, something that we normally see in the Athens’ market.

Cost projection: We are on budget and we remain aligned with our original forecast. 

  • The budget for conservative purposes is kept at $19.5 million as initially budgeted, but we were able to increase contingency item from $870.760 as initially forecasted to $ 1.207.828 
  • Regarding construction, out of the $ 16.215.184, progress has been made by $ 9.720.094. 

Build and Budget Schedule

Each month we’ll update the construction schedule and budget, with start, committed, forecast and finished dates and numbers.

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