Passco Acquires Luxury Savannah Community
- Dec 27, 2017
Passco Cos. has acquired a 320-unit luxury apartment community in Savannah, Ga. Brand Properties sold the asset and was represented in the transaction by Cushman & Wakefield’s Executive Managing Director Robert Stickel and Director Alex Brown.
Located at 2010 E. President St., Mariner Grove comprises 215 one-bedroom and 104 two-bedroom units, as well as a guest suite with one bedroom, ranging from 694 to 1,158 square feet. The three-story community was built in 2016 around a 300-year old oak grove. Common amenities include a saltwater pool with sundeck and cabanas, fitness complex, pet park and free parking.
The city of Savannah is currently in a state of growth with many large projects underway, including the $800 million Savannah River Landing project Presidents Square, a 450,000-square-foot mixed-use development, as well as a 645-key hotel.
Several schools are near the apartment community, a golf course is across the street, and downtown can be reached within three miles, offering dining and shopping destinations. The port of Savannah is the fourth largest in the U.S. and has its own expansion project underway. Gulfstream Aerospace Corp. has its headquarters in the city and is its largest employer.
“The Savannah market’s continued growth makes this investment well-aligned with our ongoing strategy to acquire core multifamily assets with long-term growth potential throughout the U.S. The city’s population has increased by 30 percent since 2000, and is projected to grow another 30 percent by 2030, while employment is expected to grow by more than 20 percent through 2021,” said Collin Gills, vice president of acquisitions at Passco, in a prepared statement.
Image courtesy of Passco Companies