Why Savannah? A strategic bet that’s paying off

With three active communities now operating in the greater Savannah area, our investment in this fast-growing region is proving to be more than just well-timed—it’s strategically sound. From Cottonvale Towns to Harris Trail to Omnia at Richmond Hill, our portfolio continues to benefit from the same set of fundamentals: a chronic undersupply of high-quality rental housing, strong regional job and population growth, and limited near-term competition.

Savannah’s unique mix of affordability, logistics-driven economic expansion (anchored by the Port of Savannah), and catalytic employers like Hyundai’s EV plant has created a durable demand base that outpaces supply. It’s exactly the type of high-growth, supply-constrained Sunbelt market our strategy was designed to target—and we believe our early and scaled presence here continues to validate that thesis.

Omnia at Richmond Hill, our 93-unit rental home community located in the fast-growing Savannah metropolitan area, has remained a steady performer within our Sunbelt portfolio. Since acquiring the already-stabilized asset in May 2022, the property has maintained healthy occupancy (90%+)—supported by consistent renter demand and a local housing market defined by limited new supply.

Performance highlights

The property's sustained performance can be attributed to several key factors:

  • Established market position: As an already stabilized asset at acquisition, Omnia has benefited from an established resident base and reputation in the Savannah market.
  • Continued rent growth: The property has continued to achieve positive rent increases on both new leases and renewals
  • Steady occupancy: Omnia has maintained occupancy in the 90-95% range since our acquisition, demonstrating the sustained demand for quality rental homes in this market.

Market fundamentals driving sustained demand

The Savannah metropolitan area continues to exhibit the strong fundamentals that initially attracted us to this market:

  • Product-market fit: Savannah has historically faced a shortage of newer, high-quality rental housing, giving well-positioned communities like Omnia a competitive edge.
  • Economic expansion: The Port of Savannah continues to drive significant economic activity, while the opening of the Hyundai manufacturing plant in 2022 has further strengthened the regional employment base.
  • Consistent demand: Leasing activity has remained strong over the past two years, helping support stable occupancy and reducing turnover risk.

Looking ahead

As we look to the future, we remain confident in Omnia's ability to generate stable cash flows and attractive returns. While we are monitoring potential new supply entering the market in 2025 and beyond, Omnia's established presence and quality positioning should allow it to weather any potential competitive pressures.

Our asset management team remains focused on maintaining Omnia’s operational performance and ensuring resident satisfaction—key priorities in preserving the property’s strong positioning as the market evolves.

This investment continues to exemplify our strategy of acquiring high-quality residential assets in supply-constrained, high-growth markets. Omnia at Richmond Hill is a clear example of how stabilized, high-quality assets in high-growth Sunbelt markets can serve as consistent income generators for the portfolio.