Preston Grove
1825 Grove Point Road, Savannah, GA 31419
Net Rentable Area (SF): $206,400
Avg. Market Rent: $988
- # of Units: 192
- Year Completed: 1999
- Avg. SF per Unit: $1,075
- Occupancy: 96.4%
Head North on Airways Ave toward Patrick S Graham Dr. Turn left to merge onto I-95 South. Take exit 94 for GA -204 toward Savannah/Pembroke. Turn left onto GA -204 E/Abercorn St. Continue to follow GA -204 E. Turn right onto King George Blvd.
1825 Grove Point Road, Savannah, GA
This Offering Memorandum is provided for the sole purpose of allowing a potential investor to evaluate whether there is interest in proceeding with further discussions regarding a possible purchase of or investment in the subject property (the “Property”).
Investment Highlights
- Class A Property in High Growth Coastal Market
- Port of Savannah – Fastest Growing Port in U.S.
- New Jobs – Gulfstream (1,000 jobs), Mitsubishi (500 jobs), EFA CEC Group (1,500 jobs)
- World-Renowned Savannah College of Art and Design
- $2 Billion Tourism Industry
- Organic Rent Growth – 8.8% Rent Growth from Bottom
- Consistent Demand – 95% Occupancy Average over 7-Years
- 16% to 18% – Year 1 Cash on Cash Returns
- No New Development in Pipeline
- Est. Market Rent Growth over 5% Y-o-Y
EXECUTIVE SUMMARY
Jones Lang LaSalle is pleased to present Preston Grove, a 192-unit garden style apartment community located in the Georgetown submarket of Savannah, GA . Built in 1999, Preston Grove’s complete package of amenities include: a luxurious resort-style swimming pool, a 24- hour fitness center, tennis court, volleyball court, car wash, business center and a gorgeous lake. With apartments that are nicely appointed with gourmet kitchens, spacious closets, outside storage units, and huge porches, it is not surprising that occupancy at the property has averaged nearly 95% over the last seven years.
Preston Grove is strategically positioned near area economic drivers including: St. Joseph’s Hospital, Fort Stewart, Armstrong Atlantic University, Hunter Army Airfield and the Savannah Mall. The Property’s prime location has major thoroughfares at its fingertips, such as Abercorn Expressway, Hwy 17, Veterans Pkwy, I-516 and I-95, connecting residents easily and conveniently to Historic Downtown Savannah, Savannah/Hilton Head International Airport and the Port of Savannah.
Disclaimer
This Offering Memorandum is provided for the sole purpose of allowing a potential investor to evaluate whether there is interest in proceeding with further discussions regarding a possible purchase of or investment in the subject property (the “Property”).
The potential investor is urged to perform its own examination and inspection of the Property and information relating to same, and shall rely solely on such examination and investigation and not on this Offering Memorandum or any materials, statements or information contained herein or otherwise provided.
Neither Jones Lang LaSalle, nor any of its partners, directors, officers, employees and agents (“Agents”), make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this Offering Memorandum or the Property or any materials, statements (including financial statements and projections) or information contained herein or relating thereto, or as to the accuracy or completeness of such materials, statements or information, or as to the condition, quality or fitness of the Property, or assumes any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside sources, and have not been tested or verified. Projections, in particular, are based on various assumptions and subjective determinations as to which no guaranty or assurance can be give n.
Without limiting the foregoing, in the event this Offering Memorandum contains information relating to asbestos or any other hazardous, toxic or dangerous chemical, item, waste or substance (“Hazardous Materials”) in relation to the Property, such information shall in no way be construed as creating any warranties or representations, expressed or implied, by operation of law or otherwise, by Agents or the owner, as to the existence or nonexistence or nature of Hazardous Materials in, under, on or around the Property. This Offering Memorandum is provided subject to errors, omissions, prior sale or lease, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice. The contents hereof are confidential and are not to be reproduced or distributed to any person or entity without the prior written consent of Agents or used for any purpose other than initial evaluation as indicated above.