Trion Properties Buys Off-Market Savannah Multifam Portfolio for $58M
Trion Properties has acquired a multifamily portfolio consisting of two sites, Osprey on the Bluffs and Heron on the Bluffs, totaling 297 units in the Savannah, GA submarket of Southside for $57.7 million. The 1986-constructed properties are 97% occupied.
The transaction was brokered by Taylor Bird, Nelson Abels, Laura Aylor, and Harrison Cheeley of Cushman & Wakefield. Financing was arranged by Continental Partners, with preferred equity provided by Walker & Dunlop and lending provided by Capital One.
The Bluffs portfolio — located on White Bluff Road within a supply-constrained submarket with tremendous opportunity for growth—was acquired at a below-market price, said Max Sharkansky, managing partner at Trion Properties. The assets are located approximately 25 minutes from the Port of Savannah and 20 minutes from downtown Savannah. The properties sit between four hospitals and two nearby military bases, and less than 11 miles from the Savannah/Hilton Head International Airport.
- ◦Sale/Acquisition