Project Description

A three property 160-unit portfolio located in Savannah, GA.  Purchased off-market, this portfolio offers economies of scale, rental upside and attractive appreciation possibilities.

Property:

The portfolio consists of three assets. A 30-unit asset, Timberland Lofts, a 50-unit asset, Crossroads Apartments, and an 80-unit asset, Abercorn Pointe Townhomes.  Upside for this deal centers on the fact that our GP partners on this deal have more than 500-units within a 3-mile radius enabling significant economies of scale in renovations and property management, as well as advantages in determining tenant desires and rental market trends.

 

Strategy:

We purchased and immediately moved property management responsibilities in-house to create efficiencies between the near-by assets.  We are renovating 79 of the units to achieve premiums and will bring the remaining units to market rates. We are also making significant repairs to the properties’ plumbing, replacing several roofs, and improving the property’s amenities (dog park, new signage, gazebo, playgrounds, and grills).

Highlights:

  • Rents have potential to increase from $1285 to $1475 in current market conditions.
  • Less than 5 minutes from high-end retail stores, i.e. Dick’s Sporting Goods, Starbucks, Olive Garden, Abercorn Mall, etc.
  • Twenty minutes from the historic Savannah Riverwalk – one of the Georgia’s most visited tourist attractions.
  • Located 45 minutes from Hyundai’s $5.5B Electric Vehicle (EV) plant expected to open in JAN 2025 and result in an additional 3,000 jobs
  • Located in a desirable suburb of south Savannah.