Advenir Rounds Up Savannah SFR Community
This purchase brought the firm’s U.S. portfolio to some 2,360 units.
Advenir has acquired LEO at the Sanctuary Phase II, a 70-unit build-to-rent community in Rincon, Ga., from Next Chapter Neighborhoods for $18.6 million. The firm had also bought the project’s 208-unit Phase I in 2021 for $56.2 million, Yardi Matrix data shows.
Northmarq represented the seller. The brokerage team included President of Investment and Sales Trevor Koskovich and Managing Director Luis Elorza, alongside Regional Managing Directors Jesse Hudson and Taylor Snoddy.
LEO Phase II features one- to four-bedroom cottage-style units, ranging from 839 to 1,826 square feet, with granite countertops, vaulted ceilings and walk-in closets, as well as attached garages and front porches or back patios. Amenities include a clubhouse, fitness center, pet spa and swimming pool, among others.
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Located at 103 Moultrie Drive, the community is 4 miles north of Interstate 95, as well as 4 miles southeast of Rincon’s city center and its variety of dining and retail options. Employers such as Sewon America, Hyundai MOBIS and Edwards Interiors Aerospace are within 9 miles.
Savannah’s burgeoning SFR market
Advenir partnered with Oakley Group in 2022 for the purpose of building single-family rental properties. The firm’s SFR portfolio currently totals some 2,360 units nationwide, including under-construction, as well as planned and prospective units, Yardi Matrix data shows.
With this acquisition, the firm’s Savannah footprint expanded north of 270 units, the same source reveals. The metro’s SFR supply pipeline ranked fourth in the U.S. as of January, with 1,354 units underway representing 265 percent of existing stock, according to a recent Yardi Matrix report.
