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Hillpointe sells Savannah apartments at record price
Transactions - MARCH 8, 2022

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Hillpointe sells Savannah apartments at record price

by Released

Hillpointe has sold Pointe Grand Savannah, a 288-unit project located in the Port Wentworth submarket of Savannah, Ga., for $86.4 million or $300,000 per unit. The sale established a record per-unit price for garden-style multifamily in the Savannah MSA.

“Pointe Grand Savannah’s record sale price provides further endorsement of the institutional demand for high-quality multifamily product,” noted Steven Campisi, co-founder and managing partner of Hillpointe. “We believe the high internal rate of return and equity multiple of this sale demonstrates Hillpointe’s unique ability to develop new workforce housing with highly attractive investment returns.”

Pointe Grand Savannah was completed by the Hillpointe Construction team in May 2021 and reached full occupancy in under six months.

“The United States remains significantly underhoused, with occupancies and rents at record highs,” noted Kelly Mahoney, co-founder and managing partner of Hillpointe.

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