 |
| Sarah Murphy |
SAN FRANCISCO, CA – JLL Capital Markets
has arranged $4 million
in acquisition financing for Alice Hall, a 14-unit apartment building
with plans to be converted into a short-term rental in Savannah, Georgia
 |
| Jonah Aelyon |
JLL represented the borrower, The AltAccom
Group, and secured the
three-year loan with two one-year extensions from the lender.
The JLL Capital Markets Debt Advisory team was led by
Director Jonah Aelyon, Senior Production Associate Sarah Murphy
and Associate Ethan Habecker.
“JLL
is pleased to have helped The AltAccom Group’s inaugural acquisition,” said Aelyon. “The historic district of Savannah,
Georgia will benefit from their creative approach to hospitality and their new
capital partner will allow them to realize their vision.”
Alice Hall is a three story,
20,000-square-foot apartment building that includes 10 two-bedroom units and
four three-bedroom units, with secure parking.
Built in 2007, the property has nine-foot ceilings,
expansive walk-in closets, stainless steel appliances and granite countertops.
The units will be converted from existing long-term
tenancy to short-term and flexible-term furnished apartments. The addition of
hotel-like services and technology will be added to enhance the guests’
experience. Completion of the project is set for Q3 2024.
 |
| Terry Strongin |
Located at 455 Montgomery St., the
property is ideally situated within Savannah’s highly desirable Historic
District. In 2022, Savannah was included in Travel & Leisure’s “Top 5
Cities to Visit in the U.S.” and “Best Weekend Destination to Visit” by Global
Traveler, with over 15 million visitors annually.
Terry
Strongin, founding partner of The AltAccom Group, LLC
added,
“JLL delivered as promised with creativity and focus. The acquisition of
Alice Hall is the first of many planned acquisitions of apartment buildings
that will be converted to serviced apartments (aka aparthotels).”
 |
Alice Hall is a three story, 20,000-square-foot
apartment building in Savannah, GA
that includes 10 two-bedroom units
and four three-bedroom units,
with secure parking. |
“We
believe that the serviced apartment sector is an emerging real estate asset
class capable of delivering outsized returns and is rapidly becoming recognized
and accepted by institutional investors looking for an attractive risk adjusted
return”, Strongin said.
The
AltAccom Group is a leading company in the serviced apartment space and
partners with capital providers to acquire apartment buildings located in urban
markets to operate as short-term furnished apartments and corporate housing.
Contact:
Alli Semans
PR,
Hotels & Hospitality,
Capital Markets
JLL
M +1 330 329
6750
jll.com
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