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| 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.
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| 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.
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| 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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