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.

June, 2020

Dear Investors:

SCG is pleased to report the progress on The Heaven of Athens site for the close of May, 2020. As of May 31st, 2020, construction is going well.  The draw request funded today and the third party inspection company stated – they don’t see any reason why the project couldn’t be finished by July 15th. We are hopeful that we can hit this date (July 15th), but as always, the weather will play a part in determining if can hit this target.

On the construction side of things, you can see the contingency increased to $1,385,114 which means we are under budget of approximately $575,000. The first half of May was very challenging due to unusually high amounts of rainfall. Our goal was to have the community streets complete by now but we have been unable to start until early June.
As of the end of May, 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, 69 out of 69
  • Drywall complete, 69 out of 69
  • Siding complete, 69 out of 69
  • Exterior Paint complete, 69 out of 69 (Only touch up remaining)
  • Interior paint complete 85%
  • Sanitary sewer installation is 100% complete for the site
  • Storm sewer installation is 99% complete for the site. 
  • Curb Installation is 100% complete
  • The grading 90% complete for the site.
  • Pool Construction, 85% complete
  • Water Main Installation 100%
  • Water Service Installation 100%
  • Cabinet Installation 92%
  • Permanent Power for all houses 100%
  • Final Electrical Inspections complete 70%
  • HVAC Trim out 30%
  • Low Voltage Trim Out 50%
  • Sidewalk installation 50%
  • Asphalt 30% complete
  • Fencing Started
  • Irrigation started
  • Well for irrigation complete
  • Tile backsplashes 20%
  • Pool Construction Complete 85%

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 89% preleased and our goal is to be 100% preleased by the end of June but we expect to be fully leased (100%) by August 1st. Overall, we are in a very good position, and we expect to wrap up another successful project while meeting or exceeding all of our goals.

Cost projection: We are still on budget and remaining aligned with the 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 $1,385,114
  • Regarding construction, out of the $ 16.215.184, progress has been made by $10,681,877 budget and we remain aligned with our original forecast. 

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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