March 27, 2024 –LMS Investment Management recently spearheaded the Allier Port Wentworth build-to-rent project, a 205-unit development that includes single-family houses leased to individual tenants, is the first of its kind to land in Port Wentworth amid rising demand among investors and tenants for the emerging multifamily asset class. The development is at the starting line of what is expected to be a rush of similar build-to-rent projects, a position that helped earn it a 2024 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market. Learn more about the CoStar Impact Awards here.
About the Project: The Port Wentworth project broke ground in late 2022 and received its first certificates of occupancy by May 2023. Property amenities are geared toward families and renters wanting a more neighborhood feel, such as fenced-in backyards, wooden decks, covered patios, garages, a pool with outdoor grilling areas and a gated entrance.
What the Judges Said: “Given the anticipated population growth in Savannah and the [built-to-rent] trend, this project speaks to the creativeness and thoughtfulness of Savannah’s anticipated growth, specifically in families wanting to live in houses rather than apartments, ” CoStar Impact Award judge Scott Amoson, a CBRE associate field research director, said of the development. Fellow judge Andrew Harry, a Colliers research analyst, added that ” Allier Port Wentworth fills a significant demand for growing families needing suburban style [built-to-rent] housing,” and that “being the first of its kind within Port Wentworth adds to the innovation and impact.”
They Made It Happen: The project was spearheaded by a team of LMS Investment Management executives including Senior Vice President of Asset Management Patrick Harwell, Principal Murphy McMillan, Chief Operations Officer Chad Thrasher, Development Director Paul Gotta, Director of Marketing Carrie Regan, Director of Construction Management Hunter Benton, Regional Manager Karen Stitely, Chief Investment Officer Sean Henry, Service Manager Cornell Jason and Sherry Liberti, a community manager.
Excerpts taken from original article written by Katie Burke in CoStar News. Read full article here.
About LMS Investment Management:
Headquartered in Birmingham, Alabama, LMS Investment Management is a vertically integrated real estate company specializing in acquisitions, development, construction, and property management with more than $800 million in assets under management. With a proven track record of identifying and capitalizing on lucrative real estate opportunities, LMS Investment Management is dedicated to delivering exceptional returns for partners and investors.
