SAVANNAH, GA - Legacy Capital Partners, in a joint venture with CF Real Estate Services, began construction of Olmsted Savannah, a 163-unit multifamily development project located in the historic district of downtown Savannah, GA. The apartment community, which will include 3,700 square feet of retail space, is slated to open in the fourth quarter of 2021.
Olmsted Savannah is CF’s third Olmsted-branded development after the first two (Nashville, TN and Chamblee, GA) each won national and local awards as best-in-class projects. When completed Olmsted Savannah will offer studios, one-, and two-bedroom units. Amenities include a resort-style pool, a fitness center, and multiple resident lounges. The property is easily accessible to Savannah’s Historic River Street, and the Port of Savannah. Future residents will also enjoy the 3-minute walk to the new Plant Riverside District, a massive 4.5-acre riverfront entertainment redevelopment with a multitude of dining, hospitality, and retail offerings opening in February 2020.
“The Savannah metro area experienced a 2 percent job growth in 2019, coupled with rapid population growth, we are confident that this project will fill a void that currently exists within the market,” notes Brett Finkelstein, CF’s CEO.
The Olmsted brand brings an engaging, eclectic, and down-to-earth feel into apartment living whereby a genuine sense of community is fostered. A focus on resident experience is the driving force behind the design where we bring all elements of architecture, interior design, and marketing along with an exceptional CF led property management team to work as a cohesive whole, creating a wonderful sense of place.
“This will be our ninth investment with CF, and our second joint investment in Savannah since a 2015 acquisition and repositioning of a student housing property just blocks away from the subject site,” states Legacy co-founder and Managing Director, David St. Pierre. “We are thrilled to partner again with CF.”
While Legacy is primarily an investor in the value-add multifamily space, Olmsted Savannah represents a unique ground-up development opportunity with tremendous upside due to the continued growth of the Savannah market and CF’s multifamily construction and property management expertise. The project is being financed through equity invested by the joint venture and a construction loan through Truist Financial Corporation.