Augusta Portfolio

For verified accredited investors only. Any investment may be made only pursuant to the definitive offering documents. Targeted returns are not guaranteed and are subject to significant risks, including loss of capital and illiquidity.

Augusta Portfolio is a 416-unit, two-property Class B multifamily acquisition opportunity in Augusta, Georgia, comprising Stevens Creek Commons, with 256 units, and Marks Church Commons, with 160 units. Both garden-style communities were built in the late 1980s and are being acquired at approximately $115K per unit, which management believes represents a meaningful discount to recent comparable sales averaging approximately $152K per unit, based on available market data.

The portfolio is sponsored by Buligo Capital in partnership with Graycliff Capital and is being acquired through GrayBul Augusta, LP, with a value-add business plan targeting interior unit upgrades, operational efficiencies, and mark-to-market rent capture over a targeted 7-year hold period.

Why This Opportunity

• Discounted cost basis: Acquired at approximately $115K per unit, with total capitalization of approximately $128K per unit including capital, transaction costs, and reserves, representing a meaningful discount to the $152K per unit weighted average across recent Augusta comparable sales, based on available market data.

• Capital already invested: Nearly $6M has been deployed across both properties over the past eight years, including more than $3M since 2022 on major exterior items such as new roofs, siding, paint, asphalt, and signage. This is expected to allow new ownership to focus primarily on interior upgrades and operational improvements.

• Identified value-add plan: The portfolio currently consists of 111 classic units, 146 partially upgraded units, and 159 fully upgraded units. The business plan targets renovating all classic units and approximately half of the partially upgraded units with a modernized finish package, including LVP flooring, stainless steel appliances, and upgraded fixtures.

• Potential mark-to-market upside: In-place rents are currently below management's estimate of market rents, with recent trade-out momentum of 3.5% at Stevens Creek and 1.6% at Marks Church prior to the planned renovation program.

• Limited near-term supply in the submarket: Only approximately 480 units are currently under construction in the metro area, representing approximately 1.5% of inventory. New infill development is concentrated in Downtown Augusta and North Augusta and generally targets a higher-price tenant base, while the portfolio serves a workforce-oriented garden apartment segment.

• Current in-place operations: The properties have maintained approximately 92%–93% occupancy in 2025, providing in-place cash flow at acquisition, subject to normal operating and market risks.

• Employment anchors: The Augusta market benefits from major regional employers and institutions, including Fort Gordon, Augusta University, and the area's healthcare network.

• Experienced operator partnership: Buligo and Graycliff have partnered on more than 65 transactions, including three multifamily transactions in the Augusta MSA, one of which was sold in 2025.

• Targeted returns: The investment targets a 16.4% investor IRR and a 2.6x equity multiple over a 7-year hold period, with targeted cash-on-cash distributions increasing from 6.0% in Year 1 to 9.6% in Year 5. These are forward-looking targets only and are not guaranteed. Actual results may differ materially from underwriting assumptions.

Deal Structure

• Net purchase price: $48.0M, or approximately $115K per unit

• Total capitalization: Approximately $53.3M, or approximately $128K per unit

• Debt: Approximately $33.6M across two Fannie Mae loans at a 5.07% fixed rate, including rate buydown, with a 7-year term and 5 years of interest-only payments

• Investor equity raise: Approximately $19.7M

• Year 1 stabilized cap rate: 5.7%, based on underwriting assumptions

• Minimum investment: $200,000 capital commitment minimum, subject to the partnership agreement

• Target hold period: 7 years

• Partnership vehicle: GrayBul Augusta, LP, a Delaware limited partnership

• Offering: Rule 506(c) Regulation D offering, verified accredited investors only

Partnership Structure

• Buligo and its investors are expected to contribute approximately 70% of the required equity through Augusta Buligo, LP.

• Graycliff and its investors are expected to contribute approximately 30% of the required equity.

• At least 10% of total equity is expected to be invested by Buligo, Graycliff, or their affiliates.

Promote Structure

• The sponsor is entitled to a 25% carried interest after investors receive an 8% IRR, subject to the terms of the definitive partnership documents.

• There is no catch-up, and the promote is fully back-ended, meaning the sponsor participates in profits only after investors receive their preferred return and return of capital, subject to the partnership agreement.

Post-Closing Business Plan

Following closing, the business plan is expected to include:

• Transitioning from current ownership-managed operations to a nationally recognized third-party property management firm.

• Implementing a centralized management platform and integrated technology intended to support staffing, maintenance, and vendor efficiencies across both assets.

• Executing an interior renovation program, including LVP flooring, stainless steel appliances, and upgraded fixtures, through a retained general contractor.

• Targeted amenity enhancements, including upgraded fitness centers, outdoor gathering areas, pickleball courts, and pet-friendly features.

• Evaluating ancillary income opportunities, including high-speed internet packages, valet trash, and reserved parking.

Property Details

Stevens Creek Commons

• Address: 100 Bon Air Dr, Augusta, GA 30907

• Units: 256 units across 15 buildings on 18.22 acres

• Unit mix: 104 one-bedroom units, averaging 693 SF, and 152 two-bedroom units, averaging 960 SF

• Average rent: $1,110 per unit

• Year built / renovated: 1986 / 2015 / 2022

• Amenities: Pool, fitness center, BBQ area, tennis courts, sundeck, and car care center

• Location: Approximately two miles from Augusta National Golf Club and near the 2.1M SF Washington Road retail corridor

Marks Church Commons

• Address: 1700 Bowdoin Dr, Augusta, GA 30909

• Units: 160 units across 10 buildings on 11.38 acres

• Unit mix: 88 one-bedroom units, averaging 690 SF, and 72 two-bedroom units, averaging 906 SF

• Average rent: $1,056 per unit

• Year built / renovated: 1988 / 2015 / 2022

• Amenities: Pool with sundeck, clubhouse, bark park, fitness center, outdoor kitchen, and pickleball courts

• Location: Approximately half a mile from Doctors Hospital of Augusta and one mile north of Augusta Mall

Important Disclosures

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offer may be made only through the definitive offering documents, including the applicable private placement memorandum, subscription documents, and partnership agreement.

The investment is speculative and involves substantial risks, including, but not limited to, loss of capital, illiquidity, leverage risk, interest rate risk, renovation and execution risk, market risk, leasing risk, operating expense risk, and risks related to the timing and terms of any refinancing or sale. There can be no assurance that the investment objectives, targeted returns, business plan, or exit strategy will be achieved.

Targeted returns are based on current underwriting assumptions, including assumptions regarding rents, occupancy, renovation scope and costs, operating expenses, financing terms, exit capitalization rate, and sale timing. Actual results may differ materially. Past performance is not indicative of future results.