PROJECTED INVESTOR LEVEL IRR 30.50% | PROJECTED INVESTOR LEVEL EM 2.22x
Constructed in 1986, The Bluffs Portfolio consists of two sites; Osprey on The Bluffs and Heron on The Bluffs which are located less than one mile apart. The Properties feature a total 297 one- and two-bedroom apartment units averaging 1,034 square feet. The community is comprised of two-to-three-story wood-frame buildings, as well as pool decks with clubhouses, fitness centers, and outdoor kitchens with seating areas.
The seller recently invested $4.8 million on the exterior and amenity renovations across both properties, such as new fitness centers, landscaping, stone outdoor kitchens, fencing and pool renovations.
The Property is in the Southside Savannah submarket, less than 7 miles drive from downtown Savannah and the Port of Savannah, and less than 11 miles from the Savannah/ Hilton Head International Airport (SAV). Savannah has seen 16.5% population growth between 2010 and 2020 and 20% rent growth in the last year driven by a muted supply pipeline and massive job growth.
No. of Units 297
Acquisition Date July 6. 2022
Acquisition Price $57,650,000
Hold Period 3 years