Columbus 4 Portfolio

Columbus, Georgia serves as the regional economic hub for west-central Georgia and east Alabama, anchoring a metropolitan statistical area of more than 324,000 residents. The city's multifamily market is defined by the kind of employment stability that insulates it from the cyclical headwinds that affect many other Southeastern markets. A deep, diversified base of government, corporate, manufacturing, and healthcare employers that consistently generates housing demand across economic cycles. The cornerstone of the Columbus economy is Fort Moore (formerly Fort Benning), the largest single-site employer in the state of Georgia with an annual economic impact of $5.6 billion. The installation is home to the U.S. Army Infantry School, Armor School, Ranger School, and multiple specialized training commands. Over the past decade the Army has expanded Fort Moore's mission substantially, and defense-friendly federal and local politics have maintained strong budget and staffing levels. Fort Moore employs more than 45,000 people when active-duty, civilian, and contract personnel are combined. Veterans account for 12.7% of the Columbus metro population, more than double the national average of 6.1%, creating a large and consistent pool of renter demand from military families, civilian base employees, and retired service members who choose to remain in the area after service ends. Columbus is also home to a diverse and resilient private-sector employer base. Fortune 500 companies with a major Columbus presence include Aflac, which is headquartered in Columbus and is one of the largest insurance companies in the United States; Synovus Financial, a major regional bank; and TSYS/Global Payments, one of the world's largest financial technology and payment processing companies. Advanced manufacturing is anchored by Pratt & Whitney, a global aerospace leader. Healthcare demand is supported by Piedmont Columbus Regional Healthcare, St. Francis/Emory Healthcare, and Columbus State University, which employs nearly 2,700 people and generates a steady pipeline of workforce talent for the region. Columbus is expected to see significant job growth in 2026, according to the University of Georgia's Selig Center for Economic Growth, outperforming state and national averages. A robust pipeline of economic development projects is contributing to this outlook, including JS Link's magnet manufacturing facility projected to employ 520 workers when it opens in 2027, BioTouch's facility expansion creating 480 jobs over four years, Amazon's delivery station currently supporting 200 jobs, Sierra Pacific Industries' Phenix City manufacturing facility targeting 500 employees, and J.M. Smucker's $120 million bakery investment. The Columbus multifamily market has demonstrated consistent occupancy and measured rent growth throughout recent economic cycles. Columbus multifamily vacancies tightened to 5.2% in 2024, with rent growth holding steady at 3.37%, ranking Columbus among the top 10 U.S. markets for rent growth during that period. Unlike many Southeastern markets that absorbed significant new supply additions following the pandemic, Columbus saw a 37% drop in new apartment deliveries in 2024 compared to the prior year, and multifamily construction starts fell nearly 40% in 2023 and 2024. The new supply pipeline for 2026 is projected to contract sharply, a dynamic that strongly supports continued occupancy strength and rent growth for existing multifamily owners. Columbus is situated 75 miles south of Atlanta and is served by Columbus Metropolitan Airport. The city features a vibrant Uptown entertainment and dining district along the Chattahoochee River, a nationally recognized urban whitewater course, and a growing quality-of-life amenity base. The city's cost of living index sits well below the national average, making it an attractive destination for workers relocating from higher-cost markets.