Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Carter Acquires Six-Property MF Portfolio in Savannah for $84M
Carter Multifamily has acquired a six-property apartment portfolio in the Savannah area for $84.3 million. The seller was not disclosed.
The properties include Alhambra, a garden-style community in the Victory Heights neighborhood, and Carriage House and Ridgewood, two communities located in the Abercorn Street retail corridor offering a total of 288 units. Also included are Azure Cove, Kessler Point and The Arbors, three adjacent communities located in northeast Savannah totaling 372 units.
“We are excited to add these properties to our growing Southeast portfolio, and to expand our presence in the Savannah market where, according to Yardi Matrix, average occupancy was 94.3% at the end of Q1 2019 and has remained steady since 2016. We believe this is largely due to significant job and population growth in the Savannah MSA, along with continued demand for housing paired with a limited pipeline of new apartment construction,” said Cindy Pfeifer, CEO of Carter Multifamily.
To stay connected with multifamily news and trends, we invite you to attend Connect Apartments at the JW Marriott in Los Angeles June 20, 2019.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
