A Washington D.C.-based investor has purchased Avenues on 61st Luxury Apartments, a 128-bed apartment community in Savannah, GA. Micah Dodd and Donald Gambril with Birmingham-based Rock Apartment Advisors, along with Casey Howard, Vice President with Harbert Realty Services, represented the Seller, based in Jacksonville, Florida, in the transaction.
The property sold for $9,550,000, or $74,609 per bed. The property consists of four-bedroom townhouse units and was 95% occupied at the time of sale. Dodd stated, “Avenues on 61st garnered tremendous attention from the market with its boutique design, prime location, and robust in-place returns. The property projects to continue its strong, stable cash flow while also providing economies of scale for the Buyer.” Howard stated, “this transaction was a big win for both Buyer and Seller. Our Seller was looking to consolidate some of their holdings geographically, and the barrier to entry in the Savannah market for multi-family acquisitions is high; primarily due to the lack of available land, as well as the competitive buyer pool looking for strong, well-located multi-family properties producing attractive returns.”
Built in 2013, Avenues on 61st offered the investors the opportunity to acquire a well-performing asset in a desirable location along Abercorn Street in Savannah. The property is poised for future growth as one of very few off-campus student housing options for the growing SCAD student population. This was the purchaser’s second acquisition in Savannah, as they look to grow their student housing portfolio.
Click Here for the Full Press Release