B&M Management in $50M Deal for Savannah-Area Apartment Community
"Luxury class A multifamily assets like Two Addison continue to elevate renters' expectations and attract high yield driven investors,” says JLL's Jim Sewell.
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.