CIG Capital Funds $125M Multifamily Project in GA
The investment firm announced the lending project for the 624-unit, resort-style community, The Villages at West Point, which will open in August 2020.
WEST POINT, GA – Alternative investment firm, CIG Capital has announced a $125 million lending project for the affordable and upscale, multifamily development, The Villages at West Point, in West Point, Georgia.
The 624-unit development will feature resort-style apartment homes and on-site parking facilities for tenants’ and guests’ recreational vehicles, camper trailers and boats.
Situated on 70.3 acres of land, The Villages will utilize West Point Lake and Campground as part of its community to offer residents and guests recreational amenities, such as watersports, fishing and other outdoor activities.
The development will offer flexible and affordable living options, as family homes or as home-away-from home rental facilities.
The former mayor of West Point and current US Representative for Georgia’s third congressional district, Drew Ferguson presided over West Point’s city council when The Villages project was approved for development. Ferguson will attend the project’s ribbon-cutting ceremony in late August 2020 as an honored guest.
Ferguson was additionally instrumental in bringing Kia Motors Assembly Plant to West Point, which is located one half mile from The Villages. The development will aim to offer quality of life to nearby workers, individuals and families.
“We are thankful for the support of the West Point community, especially those at The City of West Point, and specifically Howard and Debbi Longshore and the now deceased Kyle Waites,” the projects’ owners and members of its development team expressed. “The help and support of the many townspeople, community members and team at CIG Capital made this project possible and we are looking forward to seeing the positive impact that The Villages at West Point will have on this town, Troup County and beyond.”
Through the project, CIG Capital intends to capitalize on the increasing value of multifamily assets within the US. According to FMI Corporation, the value of US multifamily properties exceeded $70 billion in 2018, and the sector’s assets are expected to reach nearly $80 billion by 2022.
CIG Capital has continued to offer funding to projects across a variety of industries throughout the economic slowdown.
CIG Capital managing partner, Charles D. Carey states, “Continuing to fund important construction projects during this financial crisis is critical for the future well-being of our economy, and we are committed to providing liquidity to those industries whose plans include expansion.”
CIG Capital provides funding to projects across diverse industries such as infrastructure, transportation, oil and gas, real estate, biomedical and technology.