Newmark Arranges Sale, Financing of Savannah Vintage Rental Asset
Newmark arranged the $25.1 million sale and $18.5 million financing of Live Oak Plantation, a 208-unit multifamily property at 8505 Waters Avenue in Savannah, Georgia. Newmark’s Brooks Colquitt and Christopher Lyon represented the undisclosed seller. Carter King secured the financing from Fannie Mae on behalf of the buyer, The Hallmark Companies.
Constructed in 1971, Live Oak Plantation is a vintage garden-style community located approximately 10 miles south of downtown Savannah. The property features a range of resident amenities, including a playground, laundry facilities, on-site maintenance and on-site management. New ownership plans to implement a comprehensive capital improvement program focused on exterior upgrades and amenity enhancements.
Situated in Savannah’s Southside submarket, Live Oak Plantation offers convenient access to major employment corridors, retail destinations and local schools. According to Newmark Research, multifamily fundamentals remain robust across the Southeast, supported by sustained population and employment growth in secondary markets, including Atlanta.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout