Continental Realty Corp. Acquires Two Addison Place Apartments Near Savannah
POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed.
Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale.
Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center.
With this acquisition, CRC now owns three properties in Georgia, including Millworks Apartments, a 325-unit apartment community located in Atlanta’s Buckhead section, and North Bridges, a 105,000-square-foot retail center in Alpharetta.
CRC intends to complete $3.5 million of interior unit and amenity upgrades at the property, including installing new stainless steel appliances and ranges, a lighting system, smart home technology package and kitchen backsplashes and cabinets. CRC also plans to remodel the leasing office, business center, game room and fitness center in the clubhouse, improve the landscaping throughout the community, add an outdoor firepit gathering area, enhance the dog park and add a modern package locker system that can be accessed by residents after-hours.
Two Addison Place is located off Interstate 16 adjacent to the Pooler/Port Wentworth industrial corridor, as well as six miles from Savannah International Airport.