Rockpoint JV Lands $39M for Savannah BTR Project
Western Alliance Bank issued the note.
Boston-based Rockpoint, together with 360 Communities—an affiliate of Freehold Capital Management—have secured a $38.7 million loan for Clear Lake Reserve Townhomes, a newly opened, 199-unit single-family rental luxury community in Pooler, Ga.
Western Alliance Bank issued the floating-rate, three-year note, in a transaction arranged by JLL Capital Markets on behalf of the borrower.
Though not entirely completed, Clear Lake Reserve had its grand opening in May this year, Connect Savannah reported at the time.
Spread on a 50-acre site, the project features 86 three-bedroom and 113 four-bedroom townhomes, each with a two-car garage and layouts ranging from 1,385 to 2,010 square feet. Shared amenities will include a resort-style pool, a fitness center, basketball and pickleball courts, a clubroom, a dog park, playground and 853 parking spaces.
READ ALSO: Stumbling Blocks to Ownership Still Boosting BTR
Located at 11 Ripple Way, the upscale property is near interstates 95 and 16, which connect Clear Lake Reserve to downtown Savannah, some 13 miles east. The Savannah/Hilton Head International Airport is some 6 miles away. The surrounding area features several eateries and shopping centers, such as ALDI, Costco Wholesale, Walmart and The Home Depot.
The JLL Capital Markets’ Debt Advisory team included Senior Managing Director Chris Drew, Managing Director Matthew Putterman and Director Kenny Cutler.
BTR continues to spark interest
The interest in rental townhome communities continues to rise. Approximately 35 percent of BTR inventory is townhomes, while single-family detached make up for 41 percent and “horizontal multifamily” 24 percent, according to a Walker & Dunlop outlook report. Looking ahead, the firm estimates that BTR will account for 8 to 11 percent of all rental deliveries, including apartments.
June saw single-family rent prices increase 2.9 percent year-over-year, indicating the sector is slowly stabilizing with an average slightly below the pre-pandemic one, according to a recent Single-Family Rental Index. For high-end BTR properties, rent prices went up 3.7 percent year-over-year in June, higher than 3.2 percent figure recorded last year.
