Audubon Makes $31M Savannah Purchase

NXT Capital provided the buyer of the 300-unit affordable housing community with nearly $30 million in acquisition financing.
Liberty Oaks. Image courtesy of NXT Capital
Liberty Oaks. Image courtesy of NXT Capital

Hunt Cos. has sold Liberty Oaks Apartments, a 300-unit affordable housing property in Savannah, Ga. Audubon Communities purchased the Class B asset for $30.9 million, according to public records. CBRE Executive Vice President Richard Jordan placed a $29.9 million acquisition loan with NXT Capital, due to mature in March 2023. The financing includes two one-year extension options.

Liberty Oaks occupies almost 23 acres at 5110 Garrard Ave. According to Yardi Matrix data, the property was developed in 2003 under Section 42 (LIHTC) provisions, with rent restricted through 2033. The community’s 14 two- and three-story buildings house one- to three-bedroom floorplans. Amenities include a clubhouse with a business center, a fitness center, a swimming pool, two playgrounds, a picnic area and a walking trail.  

The property is 6.5 miles southwest of downtown Savannah, near the intersection of Veterans Parkway and Interstate 516. Hunter Army Airfield is some 5 miles south of the community, while Memorial Health University Medical Center is 6 miles east.

Audubon has been active in Georgia. In August, the company sold a 232-unit community in the Atlanta suburb of McDonough.