US: Investment company The AltAccom Group has secured $4 million in acquisition financing for Alice Hall in Savannah, Georgia.
Alice Hall is a 14-unit, three-storey apartment building originally constructed in 2007. It features 10 two-bedroom units and four three-bedroom units.
As part of the acquisition, AltAccom will convert the long-stay apartments into short-term and flexible furnished apartments. Completion of the project is expected in Q3 2024.
The JLL capital markets debt advisory team supported AltAccom in the financing. Director Jonah Aelyon said: “JLL is pleased to have helped The AltAccom Group’s inaugural acquisition. The historic district of Savannah, Georgia will benefit from their creative approach to hospitality and their new capital partner will allow them to realise their vision.”
Terry Strongin, founding partner of The AltAccom Group, said: “JLL delivered as promised with creativity and focus. The acquisition of Alice Hall is the first of many planned acquisitions of apartment buildings that will be converted to serviced apartments and aparthotels.
“We believe that the serviced apartment sector is an emerging real estate asset class capable of delivering outsized returns and is rapidly becoming recognised and accepted by institutional investors looking for an attractive risk adjusted return,” Strongin added.
The AltAccom Group partners with capital providers to acquire apartment buildings in urban markets to operate as short-term furnished apartments and corporate housing.
