Q-Plex

Albany State has 6,800+ students. Approximately 40% live on campus, leaving 4,000+ needing off-campus housing. All 11 residence halls have been at 100% capacity for three consecutive years. The university has housed students in hotels at its own expense.

Our 204 beds represent approximately 5% of off-campus demand.

Details in Market section.

34 units / 204 beds maximizes density within zoning constraints confirmed by the planning director.

• 8 quadruplexes (32 units / 192 beds)
• 1 duplex (2 units / 12 beds)

Details in Zoning section.

Two-story wood frame in South Georgia costs $35,000-$48,000 per bed — roughly half the national student housing average of $74,000-$98,000, which reflects mid-rise concrete construction in major metros.

Details in Budget section.

If the goal is long-term cash flow, economy build maximizes short-term returns. Lower construction cost means lower debt service and higher monthly cash flow.

Trade-off: Economy finishes don't command premium rents and may hurt resale value.

If the goal includes eventual sale, optimized build costs more upfront but commands premium on exit. Buyers pay more for properties with smart systems, energy efficiency, and quality finishes.

Trade-off: Higher construction cost means slightly lower cash flow during hold period.

Sweet spot: Optimized build quality that balances cash flow and exit value. Slightly less cash flow during hold, but exit premium more than compensates.

This is a decision point for the owner.

Full-service general contractor with performance bond. Bonding company guarantees completion if contractor fails.

GC performs work, owner procures materials directly. Saves 15-25% markup on materials.

Experienced local GC, no bond requirement. Widens contractor pool to include qualified smaller firms.

Risk mitigation: Progress payments only for completed work. Owner holds materials on-site. If contractor walks, owner is not upside down.

Licensed contractor pulls permit and provides oversight. Owner contracts subcontractors directly. D.R. Horton model.

North Star role: Tim Hall reviews contracts, interviews subs, oversees quality. Jey Smith coordinates schedule and payments. Hired superintendent handles daily field supervision.

Construction method affects cost comparison between tiers.

SIP material cost is higher; labor cost is lower. Net difference depends on procurement strategy — manufacturer relationship, regional supplier, or national distributor.

This is a decision point for the owner.

Gas tankless water heaters, Home Assistant automation, circuit-level energy monitoring, electronic locks with audit trail.

Details in Optimization page.

Intelligent scheduling of non-critical loads to reduce peak utility costs. Example: dishwashers run at 7pm after afternoon A/C demand subsides.

Implementation depends on economic feasibility for this project.

Local LLM via Home Assistant. Tenants interact through phone app for voice/text control, maintenance reporting, policy questions.

No recurring API costs. Adds operational efficiency and tenant satisfaction.

Generator per building sized for full load. All units operational during outage. Automatic transfer switch.

Gas water heating reduces generator sizing significantly.

Providing transportation adds cost but increases attractiveness versus competition. "Free shuttle to campus" is a marketing advantage.

Not all students need transportation at once. Class schedules are staggered.

This is a decision point for the owner.

The owner has indicated this project will be financed with private capital. No grants or public financing currently planned.

North Star can provide a funding strategy if desired, including:

• Grant opportunities (HUD, state housing programs)
• Tax credit programs
• University partnership structures
• Alternative financing arrangements

This has not been requested. Available if the owner's financing strategy changes.

City of Albany sanitary sewer. No restrictions confirmed by Planning & Development.

City of Albany municipal water available. Tap fees to be confirmed during due diligence.

Georgia Power serves this area. Service capacity to be verified.

Atlanta Gas Light provides natural gas in Albany.

Stormwater management per City of Albany standards. Flat site; retention/detention requirements to be determined.

Service providers and property-wide WiFi options to be evaluated. Student housing typically requires robust connectivity.

High Altitude

Low Altitude

📄 Download County Property Report (PDF)

Dougherty County qPublic report for Parcel 00001/00012/025

College Park Apartments — Student-focused community within walking distance of ASU West Campus. Pet-friendly (dogs/cats with restrictions, 35 lb limit, $300 fee + $30/month).

Legacy House — 905 Colquit Circle. Rooms for rent, 4BR home near West Campus.

Various shared houses — ASU maintains an off-campus housing list with properties offering $675-$715/month rooms with utilities included.

SIP Option: Structural insulated panels. R-40+ walls, airtight construction. Utility costs 40-60% lower than conventional framing.

Stick Frame Option: Conventional 2×6. R-13 walls. Lower upfront cost, higher operating cost.

NFPA 13R sprinkler system per Georgia code for R-2 occupancies under 4 stories. French door egress from each bedroom provides secondary escape route.

Hot Water: Gas tankless per unit — saves ~$85,000 over 8 years vs electric. Works during power outages.

Backup Power: Generator per building sized for full load. Automatic transfer switch.

Electrical: Master meter per building, all-inclusive rent model.

Building Automation: Home Assistant (open source) — smart thermostats, electronic locks, leak detection. No subscription fees.

Connectivity: Enterprise-grade Wi-Fi per building (816+ devices campus-wide).

Security: Electronic locks with audit trail, video doorbells, parking cameras, perimeter sensors.

Land cost not included — to be determined by acquisition.

SIP (structural insulated panels) vs. conventional stick frame affects both construction cost and long-term operating cost.

SIP saves ~$82,000/year in utilities. Over 10 years, that's $816,000 — which capitalizes into higher exit value.

General Contractor: BlackStar Construction (Tampa). Marriott-quality commercial work. SBA 8(a), HUBZone, MBE, DBE certified. SIP construction experience.

Procurement: North Star handles materials procurement directly — saves 1.75%–3.5% of TDC ($150K–$295K on this project).

Oversight: Tim Hall on-site supervision. Live webcam. AIA contract documentation.

Stick frame envelope reduces NOI to ~$1,011,000 due to higher utility costs.

Project value = NOI ÷ Cap Rate. At 7.0% cap rate:

Difference between development cost and exit value at 7.0% cap rate.

SIP wins in every scenario — upfront premium recovers through higher NOI and exit value.

After stabilization, refinance to permanent debt.

Make sure everyone understands and agrees on what we're building and how we're building it. Review the elements, adjust as needed, confirm we're all looking at the same picture.

• Project scope — 34 units, 204 beds, 9 buildings
• Construction approach — BlackStar as GC, North Star procurement and oversight
• Building envelope — SIP construction, manufacturer pricing
• Budget range and cost drivers
• Timeline expectations
• Owner preferences on bonding, if any

Shared understanding of the project. Agreement on approach. Clear enough to move into development agreement and team assembly.

Architect: Need someone with curb appeal instincts — layout and exterior design affect rentability and resale. Option to use offshore architects for schematic and design development phases to manage cost, then bring in local architect for construction documents. Preferably Albany-based with multifamily experience. Worth checking who did recent ASU campus work.

Civil Engineer: Site plan, grading, utilities, stormwater. Local firm preferred for permitting relationships.

MEP Engineer: Mechanical, electrical, plumbing systems. Can be remote but needs coordination with architect.

Tim Hall supervises the on-site superintendent. Jey Smith provides backup — both travel, so coverage is shared. Les Allen on site periodically. Michael Hoffman as needed. Webcam provides continuous visibility.

Development agreement covers what North Star is doing and how we get paid. Fees are lighter during pre-construction — approximately $10,000/month — with substantial work delivered during that period.

Full development fee structure to be discussed after kickoff meeting confirms scope and approach.

• Gantt chart — visual timeline for all parties
• Microsoft Project schedule — detailed task-level planning, maintained by project manager
• Procurement specifications — assembling the pieces we're specifying
• Consultant coordination — architect, civil, MEP engagement
• City coordination — pre-development meetings, permit pathway

• Phase I Environmental — no issues
• Sewer capacity — confirmed by Planning
• Zoning — 34 units / 204 beds within limits
• Height — 2.5 story allowed
• Parking — variance to 1.5/unit approved
• No flood plain
• No traffic study required

• Geotechnical report — soil conditions, foundation recommendations
• Boundary and topographic survey
• Title commitment — verify clean title

Meet with Planning and Building departments before submitting. Confirm permit pathway, identify any concerns early. Goal is buy-in and smooth approval — no surprises, no opposition.

Good sketches, good ideas, and a solid team presentation prevent problems down the road.

Building footprints, unit layouts, site arrangement. Confirms program fits site and zoning. Exterior concepts that support curb appeal.

Duration: 4-6 weeks

Option: Offshore architect for cost efficiency at this phase.

Detailed floor plans, building sections, exterior elevations. MEP systems sized and routed. Structural system confirmed with Tom Dowling.

Duration: 6-8 weeks

Permit-ready drawings with full specifications. This phase benefits from local architect familiar with Albany permitting.

Duration: 8-10 weeks

City of Albany Planning Department review. Zoning already confirmed — this is administrative approval of the specific site plan.

Duration: 4-8 weeks depending on city backlog

Building department review of construction documents. Fire Marshal review for NFPA 13R sprinkler compliance.

Duration: 4-6 weeks

• Water tap
• Sewer connection
• Electrical service
• Gas service
• Stormwater permit

Clearing, grading, erosion control, underground utilities, foundation preparation.

Duration: 6-8 weeks

Foundation, SIP erection, roofing, MEP rough-in, insulation, drywall, finishes. Nine buildings constructed in sequence.

Duration: 10-14 months

Parking lot paving and striping, sidewalks, landscaping, site lighting, bike storage.

Punch list, final inspections, certificate of occupancy, as-built drawings, warranty documentation.

Begin marketing 90-120 days before completion. Target 30-50% pre-leased before first move-in. Coordinate with ASU academic calendar — August move-in aligns with fall semester.

Select and onboard property manager before lease-up begins. Train on building systems — Home Assistant, electronic locks, maintenance reporting.

Target: 95%+ occupancy within 6 months of completion. 204 beds in a market with 4,000+ off-campus students.

Jey Smith coordinates architect, engineer, contractor, and city. AIA documentation. Contract administration, change orders, pay applications.

Tim Hall supervises construction. Federal construction background.

North Star handles procurement. Owner purchases materials direct and furnishes to contractor. Contractor bids labor only.

Pre-construction total: $201,600