14 Nov Vista Residential Partners, BCDC Break Ground on Riverchase Vista in Savannah, Ga.
Vista Residential Partners, a national multifamily development firm, and strategic real estate development investment firm BCDC have broken ground on a 300-unit Class A workforce community in Savannah, Ga.
Riverchase Vista will sit on 15 acres at 1000 Chatham Center Drive and be part of a master-planned, mixed-use development within the Chatham Center, which will include a Class-A hotel, restaurants, and retail space. One of the first business parks of its kind, Chatham Center is concentrated around a 43-acre lake with a popular walking and jogging path.
“Savannah is a market that has seen a tremendous amount of economic growth. That growth is only going to be amplified once the Hyundai and related automotive manufacturing facilities open in 2025. Vista and BCDC were attracted to this site due to its centralized proximity to the various job centers throughout the metro,” said Michael Neyhart, Managing Director, Vista Residential Partners.
“Savannah and its booming port continue to be an economic driver for the state and the region, creating jobs and drawing people,” said Litt Glover, President and CEO, BCDC. “BCDC is honored to co-sponsor Riverchase Vista with our excellent partner Vista Residential, which has more than two decades of successful multifamily projects across the Southeast under its belt.”
The community will offer a mix of one-, two-, and three-bedroom apartment homes with stainless steel appliances, 9-foot ceilings, luxury vinyl plank flooring, in-unit washers and dryers and spacious floor plans. It will feature a luxury clubhouse, resort-style pool, fitness center, a large pet park, 24/7 package concierge and more.
Riverchase Vista continues BCDC and Vista’s strategy of developing high-quality workforce housing to meet the needs of the growing middle-income demographic. This is the partnership’s third joint-venture development.
Savannah is experiencing high demand for value-oriented multifamily housing due to the area’s economic growth. The market has attractive multifamily development fundamentals, including tight vacancies, impressive rent growth and an active investor pool.
The partnership anticipates delivery of the first units in the first quarter of 2024.
About Vista Residential Partners
Vista Residential Partners was founded in 2000 by Eduard de Guardiola, an industry veteran with over 30 years of experience in multifamily investments and more. Headquartered in Atlanta, Georgia, Vista Residential Partners has nine regional offices nationwide with a focus on the acquisition, development, and construction of multifamily and mixed-use communities. Learn more by visiting www.vistarp.com.
Founded in 1963, BCDC is a wholly-owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, BCDC offers a wide variety of real estate services, from development and construction to equity and credit enhancements to brokerage and property management. Learn more by visiting www.batsoncookdev.com.