Pilot and Park

Savannah GA
278 units

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Risk Profile



Regent Partners and Mariner Group

Date Aquired

August 2022

Total Equity


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$25,000 minimum investment
Certain data and information discussed below is sourced from third party sources. Please review the investment memorandum for specific sourcing information.


Cadre is partnering with Regent Partners and Mariner Group (collectively the “Sponsor”) to develop Pilot & Park, a Class A multifamily asset (the “Asset” or the “Property”) located in Downtown Savannah’s rapidly transforming Eastern Wharf mixed-use district along the Savannah River. Cadre and the Sponsor are also owners and development partners on the Thompson Savannah, a hotel development completed in July 2021 located in the Eastern Wharf and adjacent to Pilot & Park.

In August 2022, Cadre entered into a joint venture with Sponsor to develop this shovel-ready Property and simultaneously acquired the land, executed a GMP contract and closed on a construction loan. We were attracted by the opportunity to partner with an experienced, repeat Sponsor on the development of a high-quality asset in an amenitized location with robust demand drivers.

Key Investment Highlights

Class A Product with Limited Competing Supply

Class A multifamily product has performed particularly well in Savannah, as increases in demand from high-income renters have led rent growth for 4 & 5 Star properties to outperform the market at 18.5% annually. The Property should benefit from a pipeline of limited multifamily supply as a result of the downtown Savannah’s historic nature which creates barriers to entry including strict zoning ordinances. There are very few large block parcels suitable for large-scale development available in Savannah’s Historic District, enhancing the value of the Property and limiting the amount of new multifamily units that will be available in the future. The Asset will help fill the supply void in the multifamily market and meet the growing demand for larger and more modern, luxury Class-A products. Pilot & Park will cater to young professionals, remote workers, empty nesters, retirees, and other renters-by-choice who desire coastal living with proximity to major points of interest or employment hubs.

Compelling Transaction Dynamics

Cadre entered a fully diligenced, shovel-ready transaction with significant value having already been created by Sponsor. This includes the completion of a full set of construction and design plans and fully-priced GMP. Pilot & Park will be the second phase of multifamily development in the Eastern Wharf. In 2021 Sponsor developed and delivered the first multifamily project in Eastern Wharf, Riverworks. That property experienced an impressive lease-up velocity at an average of 23 units per month. Additionally, while still in lease-up Sponsor was able to sell Riverworks in late 2021 for $467k per unit, a record setting price per unit for the Savannah market and serving as direct proof of concept for this type of product in this location.

Well-Aligned Repeat Sponsor

Cadre currently partners with the Sponsor on Thompson Savannah, the 193-key hotel development which opened August 2021 and is located in the center of the Eastern Wharf master plan. The Sponsor will build on the success of Riverworks and leverage its extensive multifamily development experience, specifically in Savannah. Additionally, the Project’s architect is Cooper Carry and the General Contractor is Choate Construction, both of whom the Sponsor has previously worked with in Savannah, bringing continuity, familiarity, and local expertise to the project team.

High-Growth Market

  • Exponential Growth: Savannah experienced a 6% increase in population from 2015-2020, which is double the national average. According to a study by the Georgia Office of Planning and Budget, it is anticipated to have a population of ~450k by 2030, representing a 51% increase from 2000. Savannah also experienced total job growth of 10% from 2017-2022, which is triple the national average. Given such tremendous growth, the unemployment rate is well below the national average. As the nation’s largest historic landmark district, Savannah’s tourism industry is another major economic driver for the market. The tourism industry employs ~28k+ people and nearly 15mm people visited the city in 2019 with total visitor spending of $3.1bn.
  • Heavily Amenitized Microlocation: The Property is situated in a desirable location within the 54-acre Eastern Wharf master-planned mixed-use community, which is adjacent to historic downtown Savannah, along the Savannah River. Pilot & Park’s proximity to the Historic District’s rich history, entertainment options, local eateries, parks and beautiful scenery further benefits residents while giving them a living experience slightly removed from the busyness at the heart of Savannah’s tourism industry. The Asset is just a three-minute walk to the Savannah Riverwalk, a nine-block brick concourse with more than 75 boutiques, galleries, artist’s studios, and restaurants.
  • Strong Demand Drivers: Savannah attracts a highly-skilled workforce driven by the city’s diversified economy. With strong growth engines in port & logistics, aviation, healthcare, and tourism, Savannah’s economy has propelled Savannah to outpace the nation in both job and population growth. Hyundai Motors recently announced plans to build a $5.5bn manufacturing facility near Savannah that will employ 8k workers between an electric vehicle assembly plant and an adjacent EV battery factory, making it the largest single economic development project in Georgia history. Savannah is also home to the Port of Savannah, which consistently ranks as the fastest-growing port in the US in terms of throughput. Both the Port of Savannah and the future Hyundai facility that will come online in 2025 attract significant other businesses that are supported by the port and manufacturing plant.

Business Plan

Upon delivery in 2024, Pilot & Park will be a four-story 278-unit, Class A multifamily community with an average unit size of 827 sf and rents of $2,609 ($3.16 psf). The 3.2 acre site will consist of 230k sf of living space which will surround two courtyards and a resort style pool. Wood and steel frame construction will surround a parking garage (406 total parking spaces: 1.5x parking ratio per unit or 1.1 per bed). Property amenities will include a fitness room / yoga room, co-working area, club room, chef’s kitchen, dog spa, and bike storage. Unit features will include stainless steel appliances, granite countertops, decorative lighting, and 9-10 foot ceilings.


About the Opportunity

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About the investment process

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Pilot and Park

Purchase Price


Total Equity


Underwritten Hold Period

4 years

Deal Details
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