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Sterling Bluff apartments in Savannah, GA

Savannah Multifamily Changes Ownership for $29M

Sterling Bluff, a 216-unit apartment community in Savannah, GA, has been acquired by PIA Residential of Miami, FL, for $29 million. PIA plans to invest $1.4 million into unit upgrades and improvements in recreational amenities and landscaping.

The 11.3 acre, two-story complex on West Montgomery Cross Road is 99% occupied.

Brian Kochan and John Westby-Gibson of Bethesda, MD-based Newmark handled mortgage financing on the transaction and coordinated a $20 million Fannie Mae loan on behalf of PIA Residential.

“We ran a thorough solicitation process, presenting the financing opportunity to a variety of lenders including Fannie Mae, Freddie Mac and several debt funds,” said Westby-Gibson. “Given the workforce housing profile of the asset and the strength of PIA Residential, Fannie Mae stepped up and provided a compelling fixed rate execution.” 

The seller, Grubb Properties of Charlotte, NC, was represented by Nelson Abels and Mike Kemether of Cushman & Wakefield’s multifamily division in Atlanta.


Inside The Story

Newmark’s Westby-Gibson

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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