Recent Updates

The project is currently 7% complete and remains on budget. Sitework is complete, and foundation work is underway. Completion is still on schedule for May 2024. The asset will not be making a distribution this quarter as it is still under construction.

Summary

Pilot & Park is a multifamily development opportunity currently under construction in Savannah, Georgia. Our completed asset is slated to include 278 Class-A apartments in the desirable Eastern Wharf district.

For this coastal, waterfront property, Cadre is partnering with repeat sponsors, Regent Partners and Mariner Group, with whom we successfully completed the adjacent Thompson Savannah luxury hotel in July 2021. Cadre closed on the land for Pilot & Park simultaneously with the execution of the Guaranteed Maximum Price (GMP) contract and began construction immediately thereafter.

Savannah is both a desirable tourist destination with historic architecture and a modern port city—the third most active port in the United States.1 Jobs in shipping, tourism, aviation, and healthcare contributed to employment growth in Savannah that more than tripled the national average over the last five years. Driven by recent capacity increases that accommodate an additional 1mm shipping containers a year, Georgia Ports Authority is particularly bullish on the historic city’s future growth.2 In September 2022, they stated that “the unprecedented levels of industrial activity we’re seeing in the market will drive opportunity and prosperity for decades to come.”

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Three Reasons to Invest in Pilot and Park

Premier Asset with Limited Competition

A surge in high-income renters is increasing demand for larger, modern apartment complexes in Savannah. Class-A multifamily properties are outperforming the market at 18.5% annual rent growth. 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.

The asset is located in the Eastern Wharf of Savannah, a riverfront, mixed-use district designed for high-end living. The plans call for residences, retail spaces, offices, a hotel, and two public parks. Proximity to Savannah’s Historic District is an advantage for investors in Pilot & Park, as few large-block parcels are suitable for development in the submarket. High barriers to entry and strict zoning ordinances also help limit the availability of new multifamily assets, potentially increasing the value of this development deal.

Experienced Repeat Sponsor Team

Cadre is partnering with the same sponsors for Pilot & Park that we are currently teamed with on the Thompson Savannah, a prestigious 193-key hotel we developed from the ground up. Thompson Savannah opened in July 2021 at the center of the Eastern Wharf master plan that was created by our sponsor team. The Thompson Savannah is located directly next door to Pilot & Park.

In addition to our current hotel asset, the sponsor team has extensive development experience in multifamily properties. They recently developed and sold nearby Riverworks, an amenity-rich apartment complex within the same Eastern Wharf district. We are bringing the Riverworks’ architect Cooper Carry and general contractor Choate Construction back on board for Pilot & Park, as well, adding continuity, familiarity, and local expertise to the project team for this development deal.

Compelling Transaction Dynamics

We believe that Pilot & Park will extend Regent Partners and Mariner Group’s successful track record in the Eastern Wharf district of Savannah. This same team delivered the multifamily development (Riverworks) in 2021, which experienced impressive lease-up velocity (23 units/month), and a record-setting sale price per unit ($467k). Their development experience in the Eastern Wharf serves as direct proof of concept for this type of product in this exact submarket.

No pre-development risk is another compelling dynamic for Pilot & Park investors, supported by a full set of construction and design plans, an established construction loan, and a fully-priced Guaranteed Maximum Price (GMP) contract already in place at closing and with construction underway.

Thriving Savannah Market

Desirable Eastern Wharf District

Pilot & Park is being constructed in a mixed-use community along the 54-acre Eastern Wharf of the Savannah River. It is just a three-minute walk to the Savannah Riverwalk, a nine-block brick concourse with more than 75 boutiques, galleries, artists’ studios, and restaurants.

The master plan for this district includes housing, a hotel, offices, stores, and park land. The modern neighborhood is adjacent to historic downtown Savannah, with its entertainment options, local eateries, and beautiful scenery, but it is also comfortably removed from the busy, beating heart of Savannah’s tourism industry.

Exponential Growth

A highly-skilled workforce is attracted to Savannah’s diversified economy. Increasing employment opportunities across industries such as the port and logistics, aviation, healthcare, and tourism are propelling Savannah in both employment and population growth that has outpaced the nation.

Pilot and Park

Development Cost

$107mm

Underwritten Hold Period

4 years

Deal Details
Speak with our Investor Relations Team at (646)-494-7233
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$25,000 minimum investment