The Atlanta-based real estate investment firm, QR Capital, sold the former Chatham Apartments building to the Savannah College of Art and Design last week for almost $39 million, according to the Savannah Agenda.
The investment firm bought the property in 2019 for $25.6 million from Jacksonville, Fla.-based Chatham Apartments, LLC. At the time, Daniel Malino of QR Capital told the Savannah Morning News that they planned to renovate the building with work concluding in late 2020 or early 2021.
According to the company’s website, they mainly seek to acquire, renovate and operate conventional multifamily and student housing projects.
The building, which was constructed in 1952, includes 233 units and many of the residents receive housing assistance. As noted in a recent City Talk column, the last of the residents had moved out of the apartment