Harbert Realty Services and Rock Apartment Advisors Represent Seller in $9.55 Million Transaction
A Washington D.C.-based investor has purchased Avenues on 61st Luxury Apartments, a 128-bed apartment community in Savannah, GA. Micah Dodd and Donald Gambril with Birmingham-based Rock Apartment Advisors, along with Casey Howard, Vice President with Harbert Realty Services, represented the Seller, based in Jacksonville, Florida, in the transaction.
The property sold for $9,550,000, or $74,609 per bed. The property consists of four-bedroom townhouse units and was 95% occupied at the time of sale. Dodd stated, “Avenues on 61st garnered tremendous attention from the market with its boutique design, prime location, and robust in-place returns. The property projects to continue its strong, stable cash flow while also providing economies of scale for the Buyer.” Howard stated, “this transaction was a big win for both Buyer and Seller. Our Seller was looking to consolidate some of their holdings geographically, and the barrier to entry in the Savannah market for multi-family acquisitions is high; primarily due to the lack of available land, as well as the competitive buyer pool looking for strong, well-located multi-family properties producing attractive returns.”
Built in 2013, Avenues on 61st offered the investors the opportunity to acquire a well-performing asset in a desirable location along Abercorn Street in Savannah. The property is poised for future growth as one of very few off-campus student housing options for the growing SCAD student population. This was the purchaser’s second acquisition in Savannah, as they look to grow their student housing portfolio.
About Rock Apartment Advisors
Rock Apartment Advisors is a commercial real estate firm with an exclusive focus on multifamily brokerage services throughout the Southeast. Rock has developed a reputation for providing quality service for brokerage and advisory, capital sourcing, market research, valuation and transaction management needs. For more information on current multifamily opportunities or to explore our current list of recent sales, visit www.rockadvisors.com.
About Harbert Realty Services, LLC
Founded in 1983, Harbert Realty Services, LLC (HRS), is a privately held commercial real estate organization with a clear mission: Create value for our clients and investor partners. HRS is headquartered in Birmingham, Alabama and retains a team of more than 60 real estate professionals that are experts in the office, retail, medical and multi-family sectors. HRS has built its footprint throughout the southeastern United States with offices in Atlanta, Orlando and Jacksonville Florida. HRS is focused on delivering best-in-class real estate expertise in Brokerage, Leasing, Project/Construction Management, Property/Asset Management, Tenant Representation, Development and Investment Services. Separately, HRS owns ROCK Apartment Advisors (the multifamily investment sales leader in the mid-South) and Harbert Lease Solutions (a global lease administration and real estate accounting service provider). As a majority owned subsidiary of Harbert Management Corporation www.harbert.net, HRS’ mix of experience, resources and reach provides our clients a comprehensive array of professional real estate services. Value Creation Begins, Here. Learn more about HRS at www.harbertrealty.com.
About HH-Fund
HH Fund focuses on investing and managing student housing apartments in the United States, along with full range of student services. Relying on China’s financial strength and property management capability, HH-Fund is committed to exploring investment opportunities, and will continue to service the international student population. HH-Fund has a “value-add” strategy that includes launching a lease-up marketing plan for vacant units, attracting international students and reducing operating cost to improve management efficiency.