“This asset is the only fully-amenitized class A multifamily property in the Savannah market, which is experiencing exceptional population and job growth,” says Gillis. “The city's population has increased by 30 percent since 2000, and is projected to grow another 30% by 2030, while employment is expected to grow by more than 20% through 2021.”

Savannah is home to the headquarters of Gulfstream Aerospace Corporation, the city's largest employer. The region's diverse economy is also fueled by education, tourism and an active port, Gillis notes. Downtown Savannah's eastward expansion will place the Mariner Grove property even closer to its heart, and the market's economic prosperity will continue to attract professionals from around the nation, subsequently driving and sustaining demand for luxury multifamily product.

“The Port of Savannah is the fourth largest in the nation, and ranks number one in foreign trade per capita,” explains Gillis. “After the widening project that doubled the capacity of the Panama Canal last year, the Port of Savannah is now underway on its own expansion project to accommodate larger ships passing through the canal. Ultimately, these projects will result in increased capabilities and activity at the port, and ongoing economic health for the region.”

Mariner Grove, which was completed in October 2016, is located at 2010 East President Street in Savannah, Georgia. Robert Stickel, executive managing director of Cushman & Wakefield, represented Brand Properties as the seller in this transaction with Director Alex Brown. Chris Black and Caleb Marten of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition financing for Passco Companies.

“The sale of Mariner Grove is a landmark transaction for Savannah, Georgia, which is experiencing tremendous job growth,” says Stickel. “This closing further confirms Savannah is attractive to sophisticated capital. We saw interest from international funds and institutional investors as well as both, public and private REITs.”