SAVANNAH, GA - Carter Multifamily announced its acquisition of six garden-style apartment communities in the Savannah, Georgia metropolitan area for a total purchase price of approximately $84.3 million.
Alhambra – Located in Savannah, Georgia, Alhambra is situated in the increasingly desirable, Victory Heights neighborhood just east of downtown Savannah and minutes from the area's major retail centers. Set among graceful live oak trees, Alhambra offers spacious one-, two-, and three-bedroom garden and townhome-style apartments. As renovations and improvements at the property commence, the community will be rebranded as Ascend Midtown.
Azure Cove, Kessler Point & The Arbors – Azure Cove, Kessler Point and The Arbors are adjacent to each other and located in northeast Savannah, Georgia (Garden City, GA) approximately six miles equidistant southeast to downtown Savannah and six miles northwest to the Pooler suburb. Azure Cove consists of 144 units with a mix of one, two, and three-bedroom floorplans; Kessler Point has 120 units with one, two, and three-bedroom floorplans; and The Arbors has 108 units with two and three-bedroom floorplans.
Carriage House & Ridgewood – Carriage House and Ridgewood are located 2 miles from each other in Savannah, Georgia in the amenity rich Abercorn Street retail corridor near the area's two major hospitals, two university campuses and Hunter Army Airfield. Both properties offer 144 units each and a mix of one-, two-, and three-bedroom floorplans.
"We are excited to add these properties to our growing Southeast portfolio and to expand our presence in the Savannahmarket 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, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition the properties to be best-in-class apartment communities to serve the area's large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas.