Location: 5110 Garrard Ave, Savannah, GA, 31405

Year Built:  2003

Class:  B

Units:  300

Acquisition Date:  11/01/2023

Savannah’s population has grown by a staggering 20% since 2010 and is projected to grow an additional 7% by 2026. Canvas at Savannah is located less than 5 minutes from Rockingham Farms Industrial Park, which currently has a 10M SF warehouse being developed and is expected to generate 2,500+ jobs. There is also a recently announced Hyundai EV plant which will be located within 20 minutes of this asset and will bring 10,000 direct jobs by 2025.

This asset presents significant organic rental upside upon acquisition, as the property just exited out of a long-term Land Use Restriction Agreement, enabling OREI to promptly raise rents which are currently 13% below market upon lease renewals. Along with this mark-to-market rent growth, OREI will roll out a value-add interior renovation program to the 95%+ remaining classic units. Updated interior finishes include stainless steel appliances, cabinet fronts, new hardware, kitchen tile backsplashes, faux wood flooring, granite counters, and updated lighting and plumbing fixtures.

OREI’s comprehensive business plan encompasses over $2.8 million in capital improvements over the hold period. Exterior enhancements include a new amenity space, natural walking path, water conservation program, asphalt resurfacing and restriping, and enhancements to the clubhouse and fitness center. OREI will bring in our strategic partner and best-in-class property manager, Cushman & Wakefield, to maximize operating efficiency.