Venterra Enters Metro Savannah With 391-Unit Buy
The property sits on 24 acres in Pooler, Ga.
Venterra Realty has purchased Botanic Luxury Apartments, a 391-unit community in Pooler, Ga., in the Savannah area. Davis Development previously owned the asset, Yardi Matrix data shows.
Completed this year, the property spans more than 24 acres encompassing three mid-rise buildings and 11 townhomes. Floorplans feature one- to three-bedroom units ranging between 684 and 1,599 square feet, with multifamily virtual tours available.
Apartments include quartz countertops, garden tubs and large closets, while select units provide kitchen islands, attached garages, as well as built-in desks. Community amenities comprise a gym, conference room, coworking space, clubhouse and swimming pool, among others.
READ ALSO: Focus on Locations Instead of Asset Classes, Investor Advises
Located at 3002 Benton Grove, Botanic Luxury Apartments is less than 3 miles from both Interstate 95 and U.S. Route 80. Downtown Savannah is roughly 13 miles southeast. Employers such as Gulfstream Aerospace Corp. and Georgia Tech Savannah operate within 5 miles, while a 429,000-square-foot shopping center is within walking distance.
Venterra Realty CEO John Foresi stated in prepared remarks that Botanic Luxury Apartments marks the firm’s entry into the Savannah market. The company owns, manages and is developing roughly 90 communities, including about 26,000 units across 21 U.S. cities.
The organization has completed $9.5 billion in real estate transactions, and its managed multifamily portfolio is currently valued at $5.5 billion. Last year marked Venterra’s first foray into Kansas City, Mo., where it purchased the 456-unit Timberlane Village.
Fewer Savanah-Hilton Head units trade for more
Year-to-date through July, investors traded six assets of more than 50 units across Savannah-Hilton Head, three fewer than last year during the same interval, Yardi Matrix data shows.
During 2024’s first seven months, more than 770 units changed hands in the metro, a steep decline compared to last year’s count of more than 1,700 apartments for the same time frame, the same data provider shows. However, this year’s price per unit stood at roughly $177,600, slightly higher than last year’s figure of $165,500.
Another Savannah-Hilton Head transaction wrapped up last month. Atlas Real Estate Partners acquired Cottages at Emerald Cove, a 290-unit community previously owned by Rockworth Cos. The buyer assumed a Fannie Mae loan originated by Berkadia.
