March 17, 2020 – Audubon, an Atlanta-based real estate firm specializing in the acquisition and management of multifamily properties, announced today it has closed on the purchase of Liberty Oaks Apartments in Savannah, GA. With this addition, Audubon now owns and manages a 25-property portfolio containing more than 6,000 units throughout the Southeast.
Liberty Oaks Apartments is located on 27.2 acres on Garrard Avenue near the Hunter Army Airfield, in Savannah’s Midtown district. The complex is a short drive to the downtown Savannah Historic District, where the Savannah College of Art and Design is located, as well as more than 100 restaurants and boutiques. The Port of Savannah, one of the largest and fastest-growing ports in the country, is a significant employer in the metro area with about 40,000 port-related jobs.
“Savannah is a dynamic and fast-growing market that is in need of workforce housing to accommodate the growing number of employees moving into the area,” said Chris Edwards, managing partner at Audubon. “The renovation of Liberty Oaks will provide the type of high-quality, affordable apartments that Savannah deserves, and we are excited to enter the market and continue growing our footprint in the region.”
Originally built in 2003, plans to update the 300-unit property include painting the building exteriors, installing fresh landscaping, adding new signage and introducing security gates to the front entrance. The existing clubhouse will also be completely reimagined to include a new resident lounge with complementary coffee and Wi-Fi, a renovated leasing office with an open floorplan, an expanded fitness center featuring a designated yoga space, and a new mailroom and package center.
In addition to exterior improvements, up to 67 percent of unit interiors will be renovated to receive contemporary Class A finishes. These include hard-surface countertops with backsplashes, stainless-steel appliances, vinyl-plank flooring and low-flow water saving devices.
Richard Jordan from CBRE Capital Markets secured the bridge loan financing for the acquisition from NXT Capital.