Developers have poured billions into capitalizing on the built-to-rent boom within the multifamily housing sector, exemplified by a pioneering development in suburban Savannah, Georgia, named Allier Port Wentworth. This 205-unit project, featuring single-family homes for lease, marks a first for Port Wentworth, responding to both tenant and investor enthusiasm for this burgeoning housing category. This project heralds a potential surge in similar developments, underscored by its recognition with a 2024 CoStar Impact Award for multifamily development excellence by industry experts.
Situated over 10 miles from downtown Savannah on a 24-acre site at 66 Saussey Road, Allier Port Wentworth appeals to those seeking the homeowner experience without the financial or commitment burdens, offering a community atmosphere, private backyards, and individual garages. The national trend towards build-to-rent properties is accelerating, with a 270% increase in such projects since 2019, according to the National Rental Home Council. In the previous year, the Allier development contributed to the nearly 25,000 completed build-to-rent homes, marking over a 60% rise from 2022.
With the first group of homes finished and preleased by May 2023, LMS Investment Management, the developer, is adding final touches, reflecting the strong local demand for build-to-rent options with over 75% occupancy already.
The Port Wentworth initiative, which began construction in late 2022 and welcomed its first occupants by May 2023, offers amenities tailored to families and renters desiring a community feel, including private yards, decks, patios, garages, a communal pool with barbecue areas, and secured access.
Judges of the CoStar Impact Award, including Scott Amoson of CBRE and Andrew Harry of Colliers, praised the project for its innovative response to Savannah’s expected demographic growth and the specific needs of families preferring suburban-style, built-to-rent living. They noted the development’s significance as Port Wentworth’s inaugural project of this nature.
The LMS Investment Management team, led by executives Patrick Harwell, Murphy McMillan, Chad Thrasher, Paul Gotta, Carrie Regan, Hunter Benton, Karen Stitely, Sean Henry, Cornell Jason, and Sherry Liberti, were instrumental in bringing this visionary project to life.
