Savannah Summit Apartments

Jonathan Rose Companies purchased Savannah Summit Apartments in Savannah, Georgia’s Poplar Place neighborhood in November 2021 to preserve the affordability of the 138-unit HUD project-based Section 8 community for low-income seniors. The project included an $11.7 million capital transformation of the 12-story high-rise building that substantially renovated all existing units and building systems.

The property’s Section 8 contract was renewed for the maximum term of 20 years, and 100% of units will remain affordable to seniors earning 60% of AMI, on average, for a minimum of 30 years.

The project was financed through an allocation of federal 4% LIHTCs and Georgia state LIHTCs issued by the Georgia Department of Community Affairs (“Georgia DCA”) in conjunction with tax-exempt bonds issued by Housing Authority of Savannah. US Bank served as the federal LIHTC investor providing $9.2 million of equity, the state LIHTC investor provided $8.8 million of equity, for a total equity contribution of $18.0 million.  They also provided a $9.8 million equity bridge loan. Capital One Multifamily Finance originated a Fannie Mae Mae TEB permanent loan of $15.4 million backed by multifamily housing revenue tax-exempt bonds. 

The project team actively engaged residents in shaping the scope of work by conducting comprehensive community consultations. Input was gathered directly from residents through on-site, in-person sessions and virtual information meetings during COVID-19, all while adhering to social distancing guidelines. These consultations were instrumental in defining the key scope items.

The redevelopment involved comprehensive upgrades across the property to improve functionality, efficiency, and resident experience. Exterior enhancements included a new main entry with canopy and waiting area, repairs to the façade, sidewalks, and parking areas, upgraded landscaping, and improved security with new cameras and LED lighting. Accessibility and life safety features were also brought up to DCA standards.

Unit interiors were fully renovated with EnergyStar stainless steel appliances, Quartz countertops, and new luxury vinyl flooring. Bathrooms were modernized with new fixtures, and all units received fresh paint, new blinds, replacement windows, and new PTAC air conditioning units to boost comfort and energy performance.

Common areas were significantly improved, including renovated laundry rooms and resident service offices, and the addition of leasing offices, a community kitchen and event space, a computer lab/business center, a fitness center, and new elevators.