Sterling Bluff, a 216-unit apartment community in Savannah, GA, has been acquired by PIA Residential of Miami, FL, for $29 million. PIA plans to invest $1.4 million into unit upgrades and improvements in recreational amenities and landscaping.
The 11.3 acre, two-story complex on West Montgomery Cross Road is 99% occupied.
Brian Kochan and John Westby-Gibson of Bethesda, MD-based Newmark handled mortgage financing on the transaction and coordinated a $20 million Fannie Mae loan on behalf of PIA Residential.
“We ran a thorough solicitation process, presenting the financing opportunity to a variety of lenders including Fannie Mae, Freddie Mac and several debt funds,” said Westby-Gibson. “Given the workforce housing profile of the asset and the strength of PIA Residential, Fannie Mae stepped up and provided a compelling fixed rate execution.”
The seller, Grubb Properties of Charlotte, NC, was represented by Nelson Abels and Mike Kemether of Cushman & Wakefield’s multifamily division in Atlanta.
SOURCE: Connect CRE