SAVANNAH, GA – Legacy Capital Partners, in a joint venture with CF Real Estate Services, started construction of Olmsted Savannah, a 163-unit multifamily development project located in the historic district of downtown Savannah, GA. The apartment community, which will include 3,700 square feet of retail space, is slated to open in the fourth quarter of 2021.
Olmsted Savannah is CF s third Olmsted-branded development after the first two (Nashville, TN and Chamblee, GA) each won national and local awards as best-in-class projects. When completed Olmsted Savannah will offer studios, one-, and two-bedroom units. Amenities include a resort-style pool, a fitness center, and multiple resident lounges. The property is easily accessible to Savannah s Historic River Street, and the Port of Savannah. Future residents will also delight in the 3-minute walk to the new Plant Riverside District, a massive 4.5-acre riverfront entertainment redevelopment with a multitude of dining, hospitality, and retail offerings opening in February 2020.
The Savannah metro area experienced a 2 percent job growth in 2019, coupled with rapid population growth, we are confident that this project will fill a void that currently exists within the market, notes Brett Finkelstein, CF s CEO.
The Olmsted brand brings an engaging, eclectic, and down-to-earth feel into apartment living whereby a genuine sense of community is fostered. A focus on resident experience is the driving force behind the design where we bring all elements of architecture, interior design, and marketing along with an exceptional CF led property management team to work as a cohesive whole, making a wonderful sense of place.
This will be our ninth investment with CF, and our second joint investment in Savannah since a 2015 acquisition and repositioning of a student housing property just blocks away from the subject site, states Legacy co-founder and Managing Director, David St. Pierre. We are thrilled to partner again with CF.
While Legacy is primarily an investor in the value-add multifamily space, Olmsted Savannah represents a unique ground-up development opportunity with tremendous upside due to the continued growth of the Savannah market and CF s multifamily construction and property management expertise. The project is being financed through equity invested by the joint venture and a construction loan through Truist Financial Corporation.

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HUNTINGTON, NY – Sunrise Senior Living, a leading provider of personalized senior care services, has announced the upcoming opening of Sunrise of Huntington on 300 West Hills Road. The community will offer best-in-class helped living and Reminiscence (memory care) services to local families, building on the success of Sunrise s nine Long Island communities across Suffolk and Nassau counties.
According to a recent independent study, the population of seniors over 85 years ancient, in Suffolk County specifically, has increased by 56 percent over the past 13 years, said Jenifer Salamino, SVP of Operations for Sunrise Senior Living. Huntington seniors need services that will allow them to age in place within close proximity to their families. We re responding to this demand with the high-quality helped living and memory care services that we have provided to Long Island families for more than two decades.
Sunrise celebrated the opening of its new community with a ribbon cutting ceremony on Wednesday, February 19. The event was attended by Sunrise executive leadership and local team members, Sunrise of Huntington residents, Town leadership, and county and state elected officials.
Sunrise of Huntington can accommodate up to 108 residents and is expected to generate approximately 100 local jobs, once fully occupied.
Huntington is a tight-knit community, and many families in this area have lived here for generations, said April Johnson, VP of Operations & Sales for Sunrise. We re thrilled to provide personalized helped living and memory care services, delivered by team members who are trained to help address the unique needs of seniors. We hope that the availability of these services allows Huntington seniors to remain close to their children and grandchildren, without sacrificing any of the quality care or amenities they will need as they age.
Every 65 seconds, someone in the United States develops Alzheimer s disease, according to the Alzheimer s Association. Sunrise of Huntington offers Reminiscence Neighborhoods to serve individuals with Alzheimer s or other forms of dementia. Residents in both helped living and Reminiscence receive tailored care according to their Individualized Service Plot (ISP) and through information captured in Sunrise CareConnect, a centralized electronic health record system. This holistic look at a resident s care experience helps the Sunrise team give regular updates to a family or healthcare provider and adjust care as necessary.
Inside the community, design elements support seniors mobility needs and promote continued independence. Wayfinding wallpaper helps residents better distinguish different corridors and find their suites. Colors were carefully selected based on knowledge of the aging eye and low vision issues that often affect seniors.
Additional features include a wellness center with therapy room and a private exam room, entertainment room; beauty salon; and Wi-Fi throughout the community for residents and families to stay connected. The interior of the building also showcases work from local artists.
Exterior design complements the surrounding area s architectural style. Perfectly-landscaped outdoor spaces feature a walking path with benches, outdoor pavilion for activities, and multiple patios with lounge and dining seating.
Sunrise s dining program serves tasty, home-cooked meals that complement the special nutritional needs of seniors. In particular, the Fortified Foods program aims to help residents maintain a healthy weight through enjoying nourishing meals, without use of dietary supplements. The community also features Tableside Dining technology, which allows team members to capture orders on a tablet at the time of service, and then view showed preferences, doctor-prescribed restrictions, and allergies to help guide residents in their food selections.
The community allows for flexible and adaptable spaces to support Sunrise Live With Purpose – evidence-based programming that offers residents opportunities to express, learn, engage, and grow each day. Community teams develop a wide-range of meaningful activities to enrich the lives of each resident. One example includes the use of award-winning therapeutic music technology.

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MIAMI, FL – Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group, announced the acquisition of a stabilized Southeast Affordable Housing Portfolio with 3,336 units located in 18 communities. With this acquisition, controlled affiliates of Starwood Capital own approximately 24,000 affordable housing units across the country, collectively making the Starwood entities a top-five owner of affordable housing units in the United States. Terms of the transaction were not told.
The bought portfolio is 96% occupied and located predominantly in Florida and North Carolina. The portfolio’s high-quality garden-style residential units feature top-tier amenities, including swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities. The properties in the portfolio benefit from low vacancy rates and offer affordable options for renters in attractive Sun Belt markets.
These metropolitan areas are projected to experience robust economic and population growth over the next five years, according to Nielsen, with the portfolio’s largest markets including Orlando, Jacksonville, Charlotte, and Raleigh ranked in the top 10 for population growth with estimates doubling that of the US. Historically these MSAs have outpaced the US, averaging 3.6% income growth over the past five years compared to the US average of 2.9%. Over the next five years these markets are projected to see average income growth of greater than 3.5%. Furthermore, Florida and North Carolina rank high in business-friendly states rankings and continues to attract new residents due to high quality of life and low cost of living factors.
“This transaction is an extension of SREIT’s successful investments in the Florida affordable multifamily housing sector, and expansion into complementary high-growth Sun Belt markets,” said Mark Keatley, Managing Director at Starwood Capital. “This was truly a rare opportunity to buy high-quality, well-located affordable housing assets in scale. The portfolio is well positioned to deliver attractive risk-adjusted returns given the persistent supply/demand imbalance for high-quality affordable housing, and we see long-term benefit for residents across the country in maintaining the sustainability of affordable housing. We are pleased to add these residential communities to the SREIT portfolio and intend to continue to invest in the affordable housing sector.”
As of January 31, 2020, the SREIT portfolio has an estimated total asset value of $2.5 billion across 72 properties.

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