Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community located in Richmond Hill in Metro Savannah, Georgia. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Company, in the transaction. PEM Real Estate Group acquired the property.
“We were attracted to Lullwater because of its extraordinary asset quality, strong lease-up without concessions and its premium location in the most affluent part of Richmond Hill,” said Ben Gardier, Vice President of Finance at PEM Real Estate Group. “Richmond Hill has emerged as a high-growth corridor within the fastest growing metro in Georgia, and we are excited to have added on to our portfolio here.”
Richmond Hill is gaining momentum as Metro Savannah’s fastest-growing suburb, offering some of the Georgia coast’s best schools and virtually no other Class A inventory. As Savannah exhibits massive growth catapulted by the port, including a recent announcement by Wayfair to bring 1,000 new jobs, the apartment market will continue to reap the benefits.
“We are especially proud of this project as one of Savannah’s best-in-class suburban deliveries,” said Ross Rabun, Development Associate at Fickling & Company. “Our property management team truly outdid themselves by achieving stabilization ahead of schedule and ahead of new-construction competitors. This transaction is proof of continued strength in the market and demand for new deliveries in the best locations.”