Location: 50 Newport Blvd, Port Wentworth, GA 31407
Year Built: 2021
Acquisition Date: 2/22/2022
The Property is located in Chatham County, 11 miles northwest of Downtown Savannah. Per the U.S. Census, the Savannah MSA has a population of 147,780.
Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables. OREI anticipates $542/unit of organic, mark-to-market rent growth.
Light value-add opportunity remains in all 288 units with the installation of Gooseneck Faucets, Glass Shower Doors, and Bathroom Vents. Upon interior renovation, OREI anticipates a $40/unit average rent premium, in-line with similarly renovated product within the submarket.