The Ellis Sells for $205,106 Per Unit
Cushman & Wakefield has arranged the $48.2 million sale of The Ellis, a 235-unit apartment community located in Savannah, Georgia. Robert Stickel, Taylor Bird and Alex Brown of Cushman & Wakefield represented the sellers, Brand Properties and Mariner Group, in the transaction. ECI Group acquired the property.
“This top-notch development by Brand Properties and Mariner Group, coupled with Savannah’s emergence as a highly dynamic and desirable market, make The Ellis a special opportunity,” Stickel said. “The property’s strong lease-up performance was a sign of substantial growth. ECI Group’s vision and execution awarded them with a strong performing asset in a strategic location.”
Completed in 2019, The Ellis represents one of Savannah’s only amenity-rich, true Class A multifamily assets near Downtown. The Ellis is Savannah’s newest and most upscale apartment community, offering a vacation-style atmosphere and representing the ultimate in modern residential construction nestled within an irreplaceable setting amongst live oak trees.
“The Ellis is a timeless Class A apartment community located near Downtown Savannah,” Bird said. “The property’s strategic location provides direct connectivity to a plethora of retail, dining, entertainment, and jobs, as well as convenient access to the barrier islands. The Ellis will continue to benefit from Savannah’s growing population, as well as the city’s prolific economic drivers and job growth.”
The Ellis, and neighbor Mariner Grove, are both nestled within a 300-year old oak grove, representing the ultimate in Savannah luxury living, boasting comprehensive amenity packages including resort-style pools, expansive fitness centers, dog parks and free parking. Mariner Grove was the first development by Brand Properties and Mariner Group to supply downtown Savannah with conventional Class A rental product, its success led to the development and now sale of The Ellis.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.
About Brand Properties
Led by some of the industry’s most seasoned real estate professionals, Brand Properties is dedicated to bringing innovative and vital thinking to the real estate investment process. With decades worth of combined experience, Brand Properties has the unique ability to leverage long-standing relationships with brokers, property owners, and lenders to ensure premium quality development projects. By always considering their partners, colleagues, and consumer first and foremost, Brand Properties strives to deliver services that embrace its integrity, loyalty, quality, and passion for the real estate business. Learn more by visiting http://brandproperties.com/
About Mariner Group
Mariner Group is a commercial real estate development firm based in Atlanta, with over $160 million in developments completed to date and an additional $200 million currently under construction. Mariner was formed to create high-value developments throughout the Southeast. The firm’s deep expertise covers a range of product types including multifamily, office, retail and industrial. Mariner offers a nimble, holistic approach to three core disciplines: investment, development and construction management. Mariner Group seeks unique and transformative development opportunities and serves as an experienced co-investment partner for those looking to create projects that are thoughtful, profitable and enduring. Visit us at http://marinergroup.us/
About ECI Group
For 50 years, ECI (www.ecigroups.com)has been recognized as one of the nation’s premier real estate firms in the development and management of a wide range of properties, from Class A luxury communities to commercial, mixed-use developments. With 8,000 units located throughout the Southeast, ECI is strategically positioned to continue to be a leader of the multifamily industry.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.comor follow @CushWake on Twitter.
