SAVANNAH, GA—Capstone Apartment Partners announces the $34 million sale of Pooler Station: a 159-unit garden-style apartment community located in Pooler, Georgia—the top growth submarket of the Savannah MSA. Situated at 100 Oglethorpe Dr on 9.73 acres, the property is ideally located near major thoroughfares to offer high connectivity to restaurants, retail, major employment opportunities, and the entire Savannah MSA.
Capstone’s Tyler Hogan represented the seller, New York-based URS Capital Partners, in the transaction. The buyer is Trion Properties who plans to reposition the asset by modernizing community amenities and upgrading unit interiors with new flooring, stainless-steel appliances, backsplashes, and new countertops.
“We acquired this 159-unit community in 2017 and it has been a solid performer throughout its time held. URS achieved significant and continual rent growth despite COVID-19 and its challenges, providing its investors with a 29%IRR and 2.5X Equity Multiple,” said Christopher Urso, Managing Partner of URS Capital Partners.
Built in 2006 and 2016, Pooler Station is comprised of two- and three-bedroom floorplans with fully equipped kitchens, black or white appliances, window coverings, and a patio or balcony. Community amenities include a swimming pool, picnic/grilling area, dog park, and fitness center. Pooler Station was approximately 95% occupied at the time of closing.