Brand Properties Sells Savannah Luxury Community for $48M
- Nov 06, 2019
Brand Properties and partner Mariner Group have sold The Ellis, a 235-unit upscale community in Savannah, Ga. ECI Group acquired the asset for $48.2 million or $205,106 per unit. According to Yardi Matrix data, BBVA Compass Bank provided the buyer with a five-year, $31.5 million acquisition loan. Cushman & Wakefield’s Robert Stickel, Taylor Bird and Alex Brown assisted the sellers in the deal.
The Ellis sits on nearly 10 acres at 3 Woodcock Road in the Pine Gardens submarket of Savannah, roughly 2 miles east of the city’s historic district and 3 miles east of Forsyth Park and City Market. The property is close to Harry S. Truman Parkway and Islands Expressway.
Constructed in 2019 within a 300-year old oak grove, The Ellis consists of seven one- and three-story buildings. The unit mix features studios, one- and two-bedroom floorplans ranging from 618 to 1,139 square feet. Common-area amenities include a saltwater pool, fitness center, clubhouse and dog park. The property was 94.5 percent occupied as of September, per Yardi Matrix data.
The Ellis is the second luxury development by Brand Properties and Mariner Group located near downtown Savannah. The first one is a 320-unit community adjacent to The Ellis that Passco Cos. acquired in 2017.