Atlas Real Estate Partners recently completed the acquisition of Cottages at Emerald Cove, a top-of-the-line multifamily community consisting of 290 units that was built in 2017. The property is situated in Pooler, which is a thriving submarket within Savannah. As part of the deal, Atlas took over a Fannie Mae loan from the previous owner, Rockworth Cos., at below-market rates. According to Commercial Edge reports, Rockworth purchased this asset for $45.5 million back in 2020 with representation from Cushman & Wakefield.
Arvind Chary from Atlas expressed enthusiasm about their plans to enhance the property by renovating individual units and unlocking its full potential: “We are thrilled about this opportunity and believe there is tremendous potential here.” This aligns with their investment strategy of acquiring high-quality apartment communities located in rapidly growing markets at discounted prices compared to replacement costs that can be repositioned for added value creation. In addition to unit renovations, Atlas also intends on upgrading existing amenities and revitalizing common areas such as activating the central lake.
Looking ahead towards future growth opportunities across Southeastern states like Georgia and Florida specifically; Atlas has set its sights on acquiring $1 billion worth of value-add multifamily assets within three years’ time frame.
