The 208-unit multi-family apartment community, Viera at Whitemarsh apartments, located in the Whitemarsh Island submarket of Savannah, Georgia, has been acquired through the joint venture of Militello Capital and Quantitative Realty Capital.
"We are excited to make our first acquisition in Savannah," said Matt Brady, Co-founder and Chief Operating Officer of Militello Capital. "The Savannah real estate market is very attractive to our investors and has been on our radar for some time due to its urban appeal and continued population growth. The acquisition of Viera at Whitemarsh is consistent with our strategy to invest in properties with built-in demand drivers in supply-constrained markets."
According to their press release in Business Wire, the Viera at Whitemarsh apartments was built in 1985 and was bought by Militello and QR for $20 million. The multi-family apartment community offers one-, two- and three-bedroom units, and is strategically located near downtown Savannah, the Savannah Port and the Savannah-area beaches. The location of the property is ideal for a diverse demographic of young professionals and families seeking a coastal lifestyle.
"We are pleased to acquire an asset of this quality in such an attractive marketplace. We intend to leverage the property's prime location with substantial renovations focused on enhancing the aesthetics of the buildings' exteriors, updating the amenities and upgrading the unit interior finishes, allowing the apartment community to better compete with newer communities in the area," said Daniel Malino, Principal of QR Capital.
The acquisition was done with the capital support led by registered investment advisors (RIAs) seeking access to vetted and privately held income-producing real estate investments on behalf of their high-net-worth clients. The purchase of Viera at Whitemarsh apartments is the ninth multi-family investment completed by the partnership of the Washington-based private equity investment firm Militello Capital and the Atlanta-based real estate investment firm QR Capital.
