SAVANNAH, GA—Capstone Apartment Partners and Berkadia have closed the $19.2 million sale of 2800 Capital Square: a 232-unit apartment community ideally located just minutes from Savannah’s popular and vibrant historic downtown area.
Capstone procured the buyer: a company affiliated with New Jersey-based Friedlam Partners. Berkadia’s Atlanta team represented the seller, URS Capital, who previously completed major renovations on the property. The new owners plan to continue improving the property while offering a clean and quiet community nestled between E. President Street and the banks of the Wilmington River.
“We are excited to break into the Georgia market with the purchase of 2800 Capital Square. Savannah incorporates much of what we look for in a market: strong employment, high barriers-to-entry in the immediate submarket, and a long-term positive economic forecast,” said Nathan Friedman of Friedlam Partners.
According to Evan Goldenberg, principal at EBEX Holdings and a partner in the buyer company, “2800 Capital Square’s particular location interested us due to its close proximity to the 54-acre Eastern Wharf project, a transformative $600 million mixed-use development that is presently under construction.”
The Capstone Apartment Partners’ transaction team was led by Alex McDermott, Sean Henry, Bryse Toothaker, and Dan McBurney.
“Savannah has continued to be on the hotlist for investors as there is limited supply in the immediate CBD and strong overall market fundamentals,” said McDermott.
Built in 1972, 2800 Capital Square consists of one-, two-, and three-bedroom apartment homes and was approximately 93% occupied at the time of closing. The community’s amenities include a playground, picnic/grilling area, and laundry facilities. Each pet friendly apartment home features a fully equipped kitchen, hardwood-style vinyl flooring, ceiling fans, and oversized closets.