Announcing the Newest Apartment Addition to Wilkinson Properties Fund 16: Beacon Place at Godley Station
Wilkinson Corporation is pleased to announce the acquisition of Beacon Place Godley Station, a newly constructed single story luxury apartment community in Savannah, Georgia. At 252 units, the property consists of one- and two-bedroom apartments with 80% of the units featuring direct access garages. The community features a resort-style saltwater pool, bamboo studio, cyber cafe, community gathering room, and 24/7 fitness center. Beacon Place becomes the fifth property in our Wilkinson Properties Fund 16, which has now secured over $46.5M in capital contributions.
For more information on Beacon Place and Fund 16, along with the other properties in the Fund, click here.
Location, Location, Location with Continued Growth Expected
Beacon Place Godley Station is well situated in the Pooler submarket in northern Savannah right off I-95. The property is approximately a 15-minute drive to downtown Savannah and provides easy access to the Savannah-Hilton Head airport and Gulfstream headquarters.
According to Wilkinson Corporation Chief Investment Officer George Waymire, “WC first started looking at Beacon Place in Q4 2021 and went under contract Feb 15, 2022. When we first started looking at the property in Q4 2021, Beacon Place was approximately 25% occupied. Today the property is 96% leased! Our year 1 proforma shows occupancy at 93.8% and a cap rate of 4.64% based on NOI after replacement reserves.”
Significant public and private funds are being poured into the Savannah MSA. According to WSB-TV2 Atlanta, Hyundai is working on a deal for a $5.5 Billion dollar plant to be built outside of Savannah which will reportedly add 8,100 jobs to the area. Governor Brian Kemp called the project “the largest economic development deal in Georgia’s history”. Additionally, according to Berkadia & Georgia Ports, there are five expansion projects on the horizon for the Port of Savannah including a $1.8B new container terminal project. These investments into the Savannah area will continue to transform the Savannah market and bolster its position as a strategic and trade hub in the United States.
The Savannah rental market has seen an overall rental rate increase of 45% between 2018 – 2022 (YardiMatrix). Savannah has seen 14% population growth and 17% employment growth from 2010 to 2021 and is projecting population growth and job growth of 9% and 14% respectively between 2021 – 2026 (Berkadia, Moody Analytics & Bureau of Labor Statistics). Therefore, we believe Savannah is a desirable market for Fund 16’s next investment.
Experience and Expertise
This acquisition provided the opportunity for several “firsts” for Wilkinson Family of Companies:
First property in the Savannah market
First “Build-to-Rent” single level garden style community
Greater than $1B in multifamily acquisitions
$2.2B total multifamily transactional volume and greater than $3B across all commercial real estate asset classes
For over 30 years, Wilkinson has provided its clients with a simplified real estate investing platform that has consistently met and often exceeded expectations. With Wilkinson Properties Fund 16, we continue in the tradition of offering our clients a diversified multifamily investment portfolio of hand selected properties strategically located to optimize potential returns. From identifying, underwriting and vetting properties, sourcing financing and insurance, tackling management challenges, sales and marketing, Wilkinson has streamlined the process, removing the guesswork from individuals who might otherwise invest in properties directly.
Should you wish to learn more about Fund 16 or other Wilkinson projects, send our team a quick message by clicking here: email@example.com or by visiting us at https://wilkinsoncorporation.com/.