Cushman & Wakefield arranges multifamily sale on behalf of Spandrel Development and Confidential Partner

Private family office out of NJ acquires The Baxly

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The Baxly
Cushman & Wakefield arranged the sale of The Baxly, a 275-unit apartment community located in Savannah, Georgia.

Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of The Baxly, a 275-unit apartment community located in Savannah, Georgia.

Robert Stickel, Taylor Bird and Alex Brown of Cushman & Wakefield represented the sellers, Spandrel Development and Confidential Partner, in the transaction. A private family office out of NJ acquired the property.

“Spandrel Development and partner delivered a unique and beautiful asset in a truly irreplaceable location,” Stickel said. “Savannah’s dynamic growth, especially downtown, continues to create a desirable lifestyle for residents and an attractive opportunity for a wide variety of investors.”

Built in 2020, The Baxly is positioned next to the newly redeveloped Plant Riverside District, a $280 million mixed-use development, offering convenient access to nearly 40,000 jobs, boutique restaurants/bars, and the beaches on Tybee Island. Amenities include bike storage, a co-working lounge, a fitness center, games and TV lounges, a gourmet test kitchen, a pet spa, outdoor kitchen with grills, a swimming pool, a wine storage/tasting room, a yoga/spin room and waterfront walkability.

“The Baxly created a new standard of luxury living in Downtown Savannah that will continue to benefit from the city’s explosive population and job growth,” Bird said. “The property sits in one of the city’s most desirable pockets adjacent to The Port of Savannah, a top economic driver for the city.”

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.