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.