Source: Militello Capital / #Apartments #Multifamily
SAVANNAH, GA - Militello Capital, a greater Washington, DC private equity investment firm, is pleased to announce the acquisition of Viera at Whitemarsh apartments, a 208-unit multi-family apartment community located in the Whitemarsh Island submarket of Savannah, Ga. The acquisition marks the ninth multi-family investment completed through its joint venture with QR Capital, an Atlanta-based real estate investment firm.
Viera at Whitemarsh was acquired for $20.4 million, with capital support led by registered investment advisors (RIAs) seeking access to vetted and privately held income-producing real estate investments on behalf of their high-net-worth clients.
“We are excited to make our first acquisition in Savannah,” said Matt Brady, Co-founder and Chief Operating Officer of Militello Capital. “The Savannah real estate market is very attractive to our investors and has been on our radar for some time due to its urban appeal and continued population growth. The acquisition of Viera at Whitemarsh is consistent with our strategy to invest in properties with built-in demand drivers in supply-constrained markets.”
Built in 1985, Viera at Whitemarsh consists of one-, two- and three-bedroom units. Due to its proximity to downtown Savannah, the Savannah Port and the Savannah-area beaches, the property attracts a diverse demographic of young professionals and families seeking a coastal lifestyle.
“We are pleased to acquire an asset of this quality in such an attractive marketplace. We intend to leverage the property’s prime location with substantial renovations focused on enhancing the aesthetics of the buildings’ exteriors, updating the amenities and upgrading the unit interior finishes, allowing the apartment community to better compete with newer communities in the area," said Daniel Malino, Principal of QR Capital.