SAVANNAH, GA – Fully-integrated real estate development and investment management firm, Hillpointe LLC has sold a 288-unit multifamily development in Port Wentworth, GA for $86.4 million.
The purchase price, which represents $300,000 per unit, establishes a record per-unit price for a garden-style multifamily in the Savannah, GA metropolitan area.
Hillpointe completed construction on the property, Pointe Grand Savannah, in May 2021 before reaching full occupancy in under six months.
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"Pointe Grand Savannah's record sale price provides further endorsement of the institutional demand for high quality multifamily product," says Steven Campisi, co-founder and managing partner at Hillpointe. "We believe the high internal rate of return and equity multiple of this sale demonstrates Hillpointe's unique ability to develop new workforce housing with highly attractive investment returns."
"The US remains significantly underhoused, with occupancies and rents at record highs," states Kelly Mahoney, Hillpointe co-founder and managing partner. "With a construction pipeline of over 5,000 multifamily units in the Southeastern US and a proven institutional model for the creation of workforce housing, Hillpointe is well-positioned to continue addressing the housing affordability crisis."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
