McDowell Properties has completed the acquisition of the Abercorn Portfolio, a two property portfolio consisting of 298-units located in Savannah, GA. The portfolio is located in a infill submarket with high barriers to entry for new construction and an abundance of jobs. At acquisition, the portfolio was physically tired and well below the market in both occupancy and monthly rents. McDowell Properties strategy is to increase the value by bringing the portfolio to market occupancy and market rents through extensive exterior and interior renovations and more hands on management. McDowell Properties is excited about this value add investment and the long-term economic drivers in Savannah, GA.
McDowell Properties is a leading real estate investment company that focuses on the acquisition, management and repositioning of multifamily properties in growth markets throughout the United States. The current portfolio consists of over 13,000 apartment units. The company is based in Dallas and has regional offices in New York, Miami, Raleigh and San Francisco. The senior management team has owned and managed in excess of $7.5BN of real estate in 40 of the top 50 MSAs, with a particular focus on multifamily. McDowell is actively making investments with discretionary capital as well as through joint ventures with institutional investors.