Carroll Organization Buys Interest in Savannah Apartment Community
- Aug 27, 2013
Savannah, Ga.—The Carroll Organization has acquired a stake in the Trellis, a 264-unit apartment property in Savannah, Ga., for an unspecified sum. The Trellis was completed in 2010, and is in the southwest of the city’s historic downtown.
The transaction represents a recapitalization of the asset for Auburn, Ala.-based Charter Development Co. According to Carroll Organization CEO M. Patrick Carroll, the deal was an opportunity to own an asset in a market in which there will be strong demand, as the local economy continues its recovery.
According to Real Data’s most recent report on the market, the Savannah-Hilton Head’s apartment vacancy rate is now 5.2 percent, the lowest level since the early 2000s. That comes despite construction that added 412 units to the market in 2012 and will add 335 units this year.
The Trellis is composed of 11 buildings on a 20-acre site. The land sports oak trees, which are common to other parts to downtown Savannah. Adding to the historic feel, the clubhouse and the apartment buildings use a design with deep balconies and stucco roof parapets. Other amenities include private garages, a jogging trail, a pool table in the clubhouse, a fitness center and an Internet cafe.
The Carroll Organization has been busy this year structuring similar recapitalization deals. In addition to the Trellis, the company has acquired over $700 million in multifamily properties Texas, Florida, Georgia, and Tennessee over the first eight months of 2013. The company sourced many of its deals directly from developers.