Sunroad Holding Grabs Savannah Luxury Property
- Jul 27, 2021
Adara Godley Station Apartments, a 256-unit Class A property in Savannah, Ga., has changed ownership. GFI Capital Resources Group sold the community to San Diego-based Sunroad Holding Corp., in a transaction arranged by Colliers. The two-story asset was 97.6 percent occupied at the time of the sale.
According to Yardi Matrix data, the New York-based seller purchased the two-story community in 2018 in an unrecorded transaction. The company acquired Davis Development, a single-asset entity that held title to the property.
Located at 101 Spring Lakes Drive, the 278,651-square-foot property was completed in 2017 and features a mix of one-, two- and three-bedroom units across 24 buildings, with an average unit size of 1,088 square feet. Select apartments have direct access to garages.
Community amenities encompass a fitness center, a business center, a clubhouse, a swimming pool, a stand-alone rental office and nearly 500 grade-level parking spaces. The new ownership intends to install new appliances and add flooring to all units, and also bring improvements to the communal clubhouse.
The Colliers International brokerage team facilitating the deal included Senior Vice President Ron Cameron, Senior Managing Director of Multifamily Teresa Lowery, Senior Executive Vice President Cindy Cooke and Executive Vice President Brad Cooke.
At the end of last year, Savannah-Hilton Head ranked sixth in Yardi Matrix’s top 10 emerging multifamily markets. The metro has seen robust demographic growth over the past decade—with a population increase of 13.2 percent from the 2010 Census to July 2019—mainly due to its lower cost of living and diversified economy. The average rent in Savannah-Hilton Head was $1,179 as of October 2020, up 1.6 percent year-over-year, but still significantly below the national average of $1,464.