Carter Multifamily Acquires Six Apartment Properties in Savannah, GA
The $84.3 million acquisition encompasses 810 units across the metropolitan area.
SAVANNAH, GA – Carter Multifamily has announced the acquisition of six apartment communities in the metropolitan area of Savannah, GA. The $84.3 million transaction is comprised of 810 units throughout garden-style communities.
The firm intends serve the area’s professionals, by repositioning and rebranding the apartment communities through interior updates in each unit, common area, pool area, clubhouse and recreational area.
Each of the acquired properties offers one, two and three-bedroom floorplans. The first of the apartment communities, Alhambra, is located in the Victory Heights neighborhood of Savannah GA. It will be rebranded as Ascend Midtown upon renovations, featuring garden and townhouse-style apartments. The second grouping of apartments includes Azure Cove, Kessler Point and The Arbors, all of which are located six miles from the downtown area in northeast Savannah, GA. The final two complexes, Carriage House and Ridgewood are located in the Abercorn Street retail corridor.
Carter Multifamily focuses on value-add enhancement opportunities in multifamily real estate. The firm acknowledges the steady occupancy rate of 94.3% in the Savannah market due to the job and population growth in the area, as they aim to expand their Savannah and Southeast portfolio with these latest acquisitions.