Friday, December 22, 2017

Passco Companies Acquires 320-Unit Luxury Multifamily Community in Savannah, GA

  
Mariner Grove Multifamily Property, Savannah, GA

Savannah, GA – Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Mariner Grove, a 320-unit, Class A multifamily property in Savannah, Georgia.

“This asset is the only fully-amenitized Class A multifamily property in the Savannah market, which is experiencing exceptional population and job growth,” says Collin Gillis, Passco’s Vice President of Acquisitions, Southeast.  “The city’s population has increased by 30 percent since 2000, and is projected to grow another 30 percent by 2030, while employment is expected to grow by more than 20 percent through 2021.”

Mariner Grove is located just east of Downtown Savannah, which is undergoing a significant revitalization and Eastward expansion, including major projects such as Presidents Square, a 450,000 square-feet mixed-use development, the $800 million Savannah River Landing project, and a 645-room hotel.

Collin Gillis
“The Savannah market’s continued growth makes this investment well-aligned with our ongoing strategy to acquire core multifamily assets with long-term growth potential throughout the U.S.,” says Gillis.

Downtown Savannah’s eastward expansion will place the Mariner Grove property even closer to its heart, and the market’s economic prosperity will continue to attract professionals from around the nation, subsequently driving and sustaining demand for luxury multifamily product.

“Mariner Grove is uniquely positioned to offer something not otherwise available in the Central Savannah marketplace,” Gillis explains. “There are only three other Class A multifamily properties in the Downtown area, and only Mariner Grove features in-demand amenities such as free parking, large common areas, and a pool.”

The three-story apartment complex, which was designed around a 300-year-old live oak grove, also features competitive amenities including a saltwater pool with a sun deck and cabanas, a fitness complex with a yoga studio, and a pet park. Units feature modern designs with two-tone cabinetry, glass tile backsplash, and stainless steel appliances.

“The high-level amenities found in this property appeal to today’s renters, and offer an unmatched lifestyle in close proximity to local services and employment,” notes Gillis.

Savannah is home to the headquarters of Gulfstream Aerospace Corporation, the city’s largest employer. The region’s diverse economy is also fueled by education, tourism and an active port, Gillis notes.

Robert Stickel
 “The Port of Savannah is the fourth largest in the nation, and ranks number one in foreign trade per capita,” explains Gillis. 

“After the widening project that doubled the capacity of the Panama Canal last year, the Port of Savannah is now underway on its own expansion project to accommodate larger ships passing through the canal. 

"Ultimately, these projects will result in increased capabilities and activity at the port, and ongoing economic health for the region.”

Robert Stickel, Executive Managing Director of Cushman & Wakefield, represented Brand Properties as the seller in this transaction with Director Alex Brown.

“The sale of Mariner Grove is a landmark transaction for Savannah, Georgia, which is experiencing tremendous job growth,” says Stickel. “This closing further confirms Savannah is attractive to sophisticated capital.

“We saw interest from international funds and institutional investors as well as both, public and private REITs. The developers of Mariner Grove did a phenomenal job in designing and developing this exceptional property.

“The combination of the historic oak trees with top-of-the-market finishes and amenities resulted in a compelling community for both residents and investors. Passco was an excellent choice as the Buyer and completed the transaction as expected.”

Mariner Grove, which was completed in October 2016, is located at 2010 East President Street in Savannah, Georgia.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies.

For more information on this news release, please, contact:

Elisabeth Manville / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

 or follow @CushWake on Twitter.



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