A joint venture between PCCP, LLC and Advenir Azora has announced the ground-up development of Leo at Port Wentworth, a 250-unit, cottage- and townhome-style built-for-rent (BFR) community located at 1100 Meinhard Road in Port Wentworth, Georgia.
The Class A community will feature a variety of product types, including one- and two-bedroom duplexes, two-bedroom cottages, and two- and three-bedroom townhomes, with an average size of 1,081 square feet (sf). Interior finishes will include LVT flooring, stainless steel appliances, quartz countertops, tile backsplashes in the kitchen, undermount sinks in the kitchen and bathrooms, smart locks, and private fenced yards in all units.
Leo at Port Wentworth’s amenity center will include an approximately 3,000-sf clubhouse/leasing center with a large conference room and coffee bar for residents, a 1,460-sf gym with an exterior area that will be turfed for outdoor exercises, and a large Olympic style pool surrounded by gazebos and chairs. There will also be multiple shared spaces and green areas, including a pickleball court, pocket parks, walking trails, pocket playgrounds, gazebos, and dog parks, scattered throughout the development.
The Savannah MSA has been the fastest growing MSA in Georgia since 2010, increasing its population by 76,000 people (21.8% growth), with residents attracted to the city’s rich history, unique architecture, established arts scene, and strong employment base. Employment growth has been further accelerated by the opening of Hyundai’s new $7.6 billion EV manufacturing facility in October 2024 (the largest economic development project in Georgia history), with over 18,000 jobs announced over the past 18 months. Meanwhile, housing supply is not anticipated to meet demand, with Georgia Tech projecting a 41,000-unit housing shortage in the MSA by 2030.
“PCCP is pleased to partner once again with Advenir Azora for the development of what we believe is well-conceived, high-quality BFR community in the high-growth market of Savannah,” said Andrew Barbakoff with PCCP. “We believe that this local market will continue to increase in population as businesses migrate and expand to the area, creating even more demand for this type of Class A residential product.”
This is PCCP’s second joint venture with Advenir Azora. The first, announced in late 2024, is the ground-up development of Leo at Wendell, a 206-unit, cottage-style BFR community located 16 miles east of downtown Raleigh, NC. The first units are anticipated to deliver in December 2025.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $25.3 billion in assets under management on behalf of institutional investors as of December 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns.Since its inception in 1998, PCCP has managed, raised or invested over $42.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
