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QUICK STATS
$2,213/$2.12
Market Rent
54,392
RENTABLE AREA
2023
YOC
70
UNITS
Investment highlights
St. Marys is located in Camden County, home to Naval Submarine Base Kings Bay, and has a population of approximately 55,000 civilians and military personnel
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Excellent AMI Growth in Camden County with a 26.40% increase since 2019
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Section 8 HAP property with the current contract covering all units beginning March 1, 2023 and running through March 31, 2033
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Very well maintained asset scoring a 99a in the June 2023 REAC
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Leading Orlando MSA Growth Fundamentals: No. 2 MSA in the country for both population & job growth in 2023
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96%
OCCUPIED
MARQUEE LAKE NONA SUBMARKET: CENTRAL FL’S EPICENTER FOR HIGH-WAGE JOB GROWTH, ATTRACTING THE REGION’S MOST AFFLUENT & DISTINGUISHED RESIDENTS (MEDIAN HHI ON-SITE APPROACHING $110K ANNUALLY)
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GALLERY
GALLERY
1982
Year built
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1119 Douglas Dr. - St. Marys, GA 31558
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PROPERTY OVERVIEW
The Pines is a 70-unit affordable housing community located in St. Marys, GA. The city is known for its historic sites and attractions, including the city’s historic district, St. Marys Submarine Museum, St. Marys Railroad Express, and the Mcintosh Sugarhouse. The property is conveniently located minutes from shopping, Naval Sub Base Kings Bay, and approximately 37 miles north of Jacksonville, FL. Numerous restaurants, outdoor recreation, schools, major transportation arteries, and healthcare are nearby as well.
The property is a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of March 1, 2023 and provides assistance for all units. Within the contract, Section 2(b) states that the contract runs for an effective term of 10 years.
The Pines was built in 1982, is comprised of one, two, and three bedroom apartment homes, and features a playground and on-site leasing office.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Three Alliance Center 3550 Lenox Rd. Suite 2600 Atlanta, GA 30326
atlanta OFFICE
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
Director Affordable Housing 425.761.1640 mike.terry@berkadia.com MT License # 89005
Mike Terry
Senior Managing Director Affordable Housing 208.286.5013 jeff.irish@berkadia.com ID License # DB36794
Jeff Irish
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
St. Marys is a vibrant, high growth market with a projected population growth of 9% within 3 miles of the property between 2024 and 2029, per CoStar
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St. Marys is located 37 miles north of Jacksonville, FL
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The property is located minutes from major transportation arteries providing quick and easy access to area amenities including shopping, dining, schools, and employment
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The property is located minutes from major transportation arteries providing quick and easy access to area amenities including shopping, dining, schools, and employment
Senior Managing Director Multifamily 404.445.1067 andrew.mays@berkadia.com GA License # 238374
Andrew Mays
Senior Managing Director Multifamily 404.445.1068 paul.vetter@berkadia.com GA License # 261596
Paul Vetter
Senior Financial Analyst Affordable Housing 949.303.9114 scott.timpani@berkadia.com WA License # 106640
SCOTT TIMPANI
Senior Director
Multifamily
404.654.2074
judy.macmanus@berkadia.com
GA License # 262140
judy macmanus