Berkadia Completes $73 Million Sale and Secures $51 Million in Financing for Built-for-Rent Community in Georgia
ATLANTA – October 3, 2022 – Berkadia Institutional Solutions announced today the sale of and financing secured for Beacon Place Godley Station, a 252-unit premier “horizontal” Built-For-Rent (BFR) apartment community located in Savannah, Georgia. Managing Director Russ Hardy of Berkadia Atlanta investment sales completed the $73 million sale on behalf of the seller. The buyer was Washington-based Wilkinson Corporation, and the deal closed on August 25.
“Beacon Place is an exceptional “horizontal” BFR asset in a highly desirable location, minutes from the economic growth and demand drivers in one of the Southeast’s fastest growing markets,” said Hardy. “The unique design of single-story units with garages really resonated with renters in the market and the property experienced an exceptional lease-up with significant rent growth. These factors sparked strong interest from a wide array of potential investors. The continued growth and economic outlook for Savannah, along with the niche product offering, will continue to benefit the property and the new owner. Congratulations to both buyer and seller on a successful transaction.”
Senior Managing Director Richard Levine, also from Berkadia Atlanta mortgage banking, secured $51 million in acquisition financing on behalf of the buyer. The three-year bridge loan was financed through Bridge Investment Group.
“The strong location, rent growth and overall economic outlook for the local market was a key driver in this transaction,” said Levine. “This along with the repeat nature of the sponsorship helped secure Bridge Investment Group’s interest.”
Located at 165 W Mulberry Blvd., Beacon Place Godley Station features one- and two-bedroom floor plans with walk-in closets and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center and a business center. Residents are afforded convenient access to Savannah/Hilton Head International Airport, Crosswinds Gold Club and the shops and restaurants near Interstate 95 and Airways Avenue.