July 15, 2021 – Timberland Partners is pleased to announce the acquisition of Villas at Park Avenue, a 238-unit townhome style apartment community in Pooler, GA. Villas at Park Avenue is the latest property purchased through Timberland Partners Apartment Fund VIII.
This is the first property Timberland Partners has purchased in the state of Georgia and the fourth it has acquired in 2021.
Built in 2014, the Class-A property offers residents spacious one, two and three-bedroom floorplans with high ceilings, wood finish flooring and crown molding. Apartments feature modern, well-equipped kitchens with granite countertops, tile backsplashes and new appliances. Each apartment home has a designated exterior entrance and an attached balcony or patio. The vast majority also have attached garages. Upon closing the deal, Timberland will make additional investments and upgrades to the apartments.
The apartment is near the intersection of Interstate 95 and Highway 80. It is across the street from 50,000 square feet of retail, restaurant and medical office space. In 2022, a new Amazon Fulfilment Center is expected to open five miles from the Villas at Park Avenue bringing an estimated 1,000 new jobs to the area.
The community is pet-friendly and has an on-site pet park. There is also a resort-style swimming pool and outdoor kitchen and courtyard grilling stations on the property.
A suburban community of Savannah, Pooler is an attractive real estate investment market. The city of Savannah is experiencing historic population and growth coupled with significant economic investment. Since 2000 the population has grown by 175 percent. In FY2019, developers added 10.7 million square feet of industrial space. The city is home to several large employers in emerging industries such as healthcare, aerospace and logistics. The nearby Port of Savannah is the largest single-terminal port in the U.S. and the fastest-growing U.S. container port over the last decade in the country.
“The Villas at Park Avenue is a fantastic property and investment opportunity. It fits seamlessly into our long-term investment philosophy and with our portfolio of apartment communities across the U.S.,” said Aaron Spiegle, acquisitions specialist at Timberland Partners. “In addition, we are very pleased to be expanding our hands-on, tenant-focused property management into the state of Georgia. We look forward to capitalizing on this opportunity to the benefit of our residents and investors.”
Minneapolis-based Timberland Partners now owns and manages a portfolio of 83 communities in 16 states for a total of more than 18,000 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartners.com.