Two Addison Place, Pooler, GA
POOLER, GA— Montgomery, Alabama-based investment manager B&M Management Company has acquired Two Addison Place, a 325-unit luxury apartment community in Pooler, Georgia, a suburb of Savannah, for $49.75 million.
Jones Lang LaSalle's Capital Markets team of managing directors David Gutting and Derrick Bloom, and senior vice presidents Jim Sewell and Andrea Howard handled the sale on behalf of the seller, New York-based Wharton Residential, a Wharton Equity Partners company, which acquired the property in 2016.
“Savannah's diverse economy is one of the strongest in Georgia and has seen steady growth over the past ten years,” says Sewell. “Luxury class A multifamily assets like Two Addison continue to elevate renters' expectations and attract high yield driven investors.”
Two Addison Place is a resort-style community with one-, two- and three-bedroom apartments. It is located less than two miles from Interstate 16 and is a short drive from Interstate 95. The gated community includes amenities such as a saltwater pool, dog park, a large fitness complex with yoga room, and a cybercafé.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
