09 Jun Novare Group, BCDC and Preferred Apartment Communities Announce Populus at Pooler
Novare Group, Batson-Cook Development Co. (BCDC), and Preferred Apartment Communities Inc. (NYSE: APTS) have broken ground on a luxury apartment community in Pooler, a fast-growing city just west of Savannah, Ga.
With a total of 316 apartment residences, Populus at Pooler will offer one-, two- and three-bedroom class A apartments across eight two-, three- and four-story buildings on a 30-acre site. The community will include ample greenspace as well as five lagoons throughout the property.
“We are excited to develop with best-in-class teams like BCDC and Preferred Apartment Communities,” said Jim Borders, President and CEO, Novare Group. “This is a well designed community with a market-leading amenity package on a unique site, much of which we have been able to preserve as an additional amenity for our residents.”
“We are excited to expand our footprint into the Savannah submarket, which has seen significant growth in recent years,” said Jeff Sherman, Preferred Apartment Communities’ President of Multifamily. “Savannah benefits from a diverse economy, driven by the Port of Savannah, the third-largest port in the country, as well as manufacturing, aerospace and tourism industries.”
The residences at Populus will feature stainless steel appliances, nine-foot ceilings and granite countertops. In addition, the gated community will have controlled access buildings, a private co-working lounge with private rooms and conference room, private garages and a resort-style pool with a sun shelf and tanning ledge. Additional amenities will include an outdoor fire pit and grilling stations, a state-of-the-art fitness center with a yoga and spin room, a clubroom with a demo kitchen and fireplace, a game room, a dog park and a dog wash.
Pooler is located just west of Savannah and is famous for the Mighty Eighth Air Force Museum and well recognized for its hospitality and quality of life. A growing, prosperous community with a diverse population offers a balanced range of residential settings and a thriving business community drawn to the area by the second busiest port on the east coast.
Novare Group and BCDC are developers of and investors in the project, with Preferred Apartment Communities providing mezzanine financing and Citizens Bank providing senior debt financing.
Dynamik Design is the architect, and the general contractor is Classic Plains Construction. Thomas & Hutton is the civil engineer. The partnership expects to deliver the first units in the fall of 2022.
About Novare Group
Novare Group is a real estate development and investment company headquartered in Atlanta, Ga. Since 1992, Novare Group has developed over 16,000 residential units across a variety of product types across the southern and western United States. Learn more by visiting www.novaregroup.com.
Founded in 1963, Batson-Cook Development Company, BCDC, 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, Batson-Cook Development Company offers a wide variety of real estate services, from development and construction to equity and credit enhancements to brokerage and property management. It is a wholly-owned subsidiary of Kajima USA. Learn more by visiting www.batsoncookdev.com.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.