Magnolia Square Apartments at 601 W. 54th St. has been sold to Dunross Capital, a New York-based firm with real estate operations in Georgia and South Carolina.
The Colliers International East Region Multifamily Advisory Group represented the seller, Island Estate Group LLC, in the $6.3 million sale.
In addition to the Savannah property, the Dunross portfolio in Georgia also includes two properties in Augusta and two in Decatur. They are currently under contract on properties in Stone Mountain, Port Royal, South Carolina, and St. Petersburg, Florida.
“We have been evaluating the Savannah-metro area for some time and along with our clients and partners, we are growing our portfolio of workforce multi-family properties along the Southeastern United States coastline,” said Michael Crow, CEO of Dunross Capital.
The transaction was the seventh in Savannah over the past 18 months for the Colliers team, which included Austin Weathington, Ashley Smith, Will Mathews and Carter Brehm.
“Savannah has proven to be a dynamic market with strong fundamentals attracting institutional quality buyers,” said Mathews, who serves as managing director and platform leader of Colliers East group.
Built in 1973 the complex sits on 9.5 acres and features 92-units, a renovated laundry center, playground and a basketball court. According to Dunross officials the strategic plan for the complex is to implement a comprehensive “value-add” renovation package to better position the property to tenants in the Savannah market.