Two Addison Place
Two Addison Place is a 326-dwelling residential community located on a 18.2-acre parcel in the suburban Savannah, Georgia town of Pooler.
Completed in December 2013, the asset consists of one-, two, and three-bedroom apartment homes across 13 two-, three- and four-story buildings.
Interior features include: The design is inspired by Addison Mizner, the architect of many of Florida’s most luxurious landmarks and The Cloister Hotel in Sea Island, Georgia. Ceiling heights are 9’ with pop-ups in select units, while kitchens are highlighted by granite countertops, black appliances, stained concrete and wood-style floors, LED light fixtures, and ceiling fans. Select units are home to separate dining areas, studies, built-in computer desks, terraces and breakfast bars.
The building exteriors are stucco with concrete red barrel tile roofs. Community amenities include: clubroom with catering kitchen, media and game room, elevators in mid-rise building, cyber café, conference room, club-inspired fitness center, resort-style saltwater pool and sun shelf, gated access, courtyards, dog park, outdoor kitchen, covered patio with fireplace, car care center, and surface parking.
Savannah is an industrial center and an important Atlantic seaport. It is Georgia’s fourth-largest city and third-largest metropolitan area. Savannah’s economy benefits from being the home of the nation’s fastest-growing port, increasing tourism, a stable manufacturing sector and significant military presence. Manufacturer growth has played a significant role in Savannah, with major employers in that sector including Gulfstream, JCB, Mitsubishi, Firth Rixson, and Efacec. Other large employers beyond manufacturing include Memorial Health University Medical Center, St. Joseph’s/Candler Hospital, Savannah College of Art & Design, Momentum Resources, and Georgia Pacific Corporation.
Established in 1733, the city of Savannah was the colonial capital of the Province of Georgia and later the first state capital of Georgia. Each year Savannah attracts millions of visitors, who enjoy the city’s architecture and historic buildings. Savannah Area Convention & Visitors Bureau reports nearly 7 million visitors to the city each year. Lodging, dining, entertainment, and visitor-related transportation account for $3 billion in visitors’ spending per year and employ over 27,000 people. Savannah’s downtown area, which includes the Savannah Historic District, the Savannah Victorian Historic District and 22 park-like squares, is one of the largest National Historic Landmark Districts in the United States.
On behalf of Kaufman Capital Partners (the majority equity partner in the investment) One Stone Realty led pre-investment due diligence, construction monitoring and asset management for the transaction.
Project Architect: REES Design Associates
General Contractor: Batson-Cook Construction
Developers: Cortland Partners and Batson-Cook Development