The Colliers International East Region Multifamily Advisory Group represented the seller in the $6.3 million sale of Magnolia Square Apartments, a value-add, 1973 construction, 92-unit multifamily asset in Savannah, Georgia.Magnolia Square boasts a renovated laundry center, playground, and a basketball court. The community offers a new investor the opportunity to build additional units, add more amenities, and close the gap through continuing the comprehensive modernization program.
Austin Weathington, Ashley Smith, Will Mathews, and Carter Brehm of the Colliers East Region Group represented the seller, Island Estate Group, LLC. The community was purchased by Dunross Capital.
“This being our seventh transaction in Savannah over the past 18 months validates our ability to bring low cost of capital buyers to any market.” said Mathews, Managing Director and Platform Leader of Colliers East Region Multifamily Advisory Group.“Savannah has proven to be a dynamic market with strong fundamentals attracting institutional quality buyers,” he said.
“Magnolia Square presented a tremendous opportunity for the buyer to continue the proven value-add strategy that had been implemented with significant upside remaining,” said Weathington, Associate of Colliers East Region Multifamily Advisory Group.
“The long-standing successful relationship with the Colliers team has been great for us,” said Shawn Kruk, Principal atIsland Estate Group. “We are very excited about this latest transaction and appreciate the dedication and professionalism of the entire team.”
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
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