Atlas Real Estate Partners Acquires 290-Unit Cottages At Emerald Cove, Its 2nd Property In Savannah, Georgia

Atlas Real Estate Partners has acquired Cottages at Emerald Cove, a 290-unit Class A- multifamily community built in 2017. The property is located in Pooler, a submarket of Savannah, GA experiencing significant job and population growth.

This is Atlas’s second acquisition in the submarket. Atlas acquired Longshore Commons Apartments (FKA Latitude at Godley Station), a 256-unit, 2015-vintage community in June 2023. Longshore is currently undergoing a value-add repositioning including clubhouse, lounge and common area renovation that will be completed by September 2024, as well as unit upgrades throughout the property.

Cottages at Emerald Cove is well-located within Pooler, a desirable Savannah submarket just ~10 minutes from the airport and ~20 minutes from Savannah’s historic downtown. It is surrounded by attractive single-family homes, lifestyle retail and good schools while having superb access to all major job centers including Gulfstream, JCB, Savannah port, downtown and the Hyundai Metaplant which is set to open later this year.

“We’re excited about unlocking what we think is incredible potential in the property and replicating the success we’re having nearby at Longshore,” said Arvind Chary, Co-Managing Partner at Atlas. “This project perfectly fits our investment strategy of acquiring high-quality apartment communities in rapidly growing markets at a discount to replacement cost that can be repositioned to create additional value.” Atlas intends to add value to the property through renovating units, upgrading the existing amenities, and improving the common areas; including activating the central lake to create a lifestyle amenity.

“Given the rapid growth and upscaling of Pooler, we believe there is an unmet demand for modern apartments targeting the growing young professional and young family segment in the market,” added Joe Stampone, Managing Director of Investments for Atlas. “We intend to create a community tailored toward this demographic which will include lakeside trails and fire pit, upgraded fitness center, onsite coworking, poolside grill and a café/coffee bar.”

Atlas assumed an attractive below-market Fannie Mae loan originated by Berkadia Commercial Mortgage. Cushman & Wakefield represented the seller in the transaction.

Atlas is ramping up its team and intends to acquire ~$1B of value-add multifamily assets across the Southeast over the next 3 years.

About Atlas Real Estate Partners

Atlas Real Estate Partners, founded in 2009, is a multifamily private investment and development firm with offices in New York and Miami. The firm has executed more than 50 deals with a combined value of $1.7 billion, including over 10,000 apartment units with a focus on the Southeast. For more information, visit www.atlasrep.com.