RREAF Holdings and Axonic Capital Acquire 300-Unit The Palms at Chatham in Savannah

RREAF Holdings, in partnership with Axonic Capital, has acquired The Palms at Chatham, a 300-unit garden-style multifamily community located in Savannah's Garden City submarket, the firms announced July 15. The property will be rebranded as Linden at Southover as part of a comprehensive value-add repositioning program.

Property Details and Location

Built in 2003, The Palms at Chatham offers one-, two-, and three-bedroom apartment homes situated off Garrard Avenue in Garden City, immediately adjacent to Savannah's industrial corridor. The community benefits from direct access to Interstate 516, U.S. Highway 80, and Interstate 16, providing connectivity to major employment centers throughout the Savannah metropolitan area, including Hunter Army Airfield, the Port of Savannah, and Memorial Health University Medical Center.

Garden City's proximity to the Port of Savannah — one of the fastest-growing container ports in the United States — and the surrounding logistics and industrial build-out has supported steady job growth in distribution, warehousing, manufacturing, and related sectors. That employment base underpins demand for workforce and mid-market rental housing of the type The Palms at Chatham represents.

Value-Add Business Plan

RREAF Holdings will implement a capital improvement program that includes interior unit renovations, upgrades to common areas and amenities, clubhouse improvements, pool and landscaping enhancements, and updated signage. The property will operate under the Linden at Southover name following the rebrand.

Day-to-day operations and execution of the repositioning strategy will be handled by RR Living, RREAF Holdings' in-house property management platform. The 2003-vintage asset fits a profile RREAF has pursued across its broader portfolio — suburban Sun Belt communities built between the late 1990s and early 2010s that offer cost-effective repositioning potential relative to newer Class A product.

Brad Webb, Chief Investment Officer of RREAF Holdings, cited the market's fundamentals as central to the firm's decision. "Savannah remains a core market for RREAF, supported by a diverse economic base, steady in-migration, and consistent renter demand," Webb said. "This investment reflects our continued conviction in the market and further strengthens our partnership with Axonic Capital. The opportunity to acquire a well-located asset with significant value-add upside aligns directly with our value-add strategy. We believe we can meaningfully enhance the community while delivering strong, risk-adjusted returns."

Eric Sitman, Managing Director at Axonic Capital, echoed that view. "We are excited to expand our partnership with RREAF through the acquisition of The Palms at Chatham," Sitman said. "The property's strong location, combined with Savannah's favorable growth dynamics, creates a compelling opportunity to execute a thoughtful value-add strategy and deliver long-term value."

RREAF's Savannah Strategy and Broader Portfolio Context

The acquisition follows RREAF Holdings' disposition of three legacy Savannah-area assets in late 2025. The transaction reflects a portfolio recycling approach in which the firm exited older, fully executed holdings and redeployed capital into newer, more amenitized stock while maintaining its presence in the market.

The Palms at Chatham is consistent with RREAF's programmatic approach to Sun Belt multifamily investment. The firm previously partnered on the acquisition of a 21-property portfolio totaling more than 4,000 units across Mississippi, Alabama, Florida, Texas, Arkansas, Louisiana, Georgia, and North Carolina for $534 million, with renovation and in-house management central to that business plan. In a separate transaction, RREAF and partners acquired a 10-property, 2,744-unit Southeast multifamily portfolio for more than $500 million, targeting garden-style communities built from 1998 to 2012 at approximately 93% occupancy.

The Palms at Chatham — a 2003-vintage, garden-style asset in a logistics-proximate submarket — aligns with that established investment profile. RREAF Holdings stated it continues to pursue multifamily opportunities in markets characterized by strong demographic trends, population growth, and durable housing demand across the Sun Belt.

About the Partners

RREAF Holdings is a real estate investment firm focused on value-add multifamily acquisitions across Sun Belt markets. Axonic Capital is a New York-based investment manager and a repeat capital partner of RREAF Holdings. Financial terms of the acquisition, including purchase price and debt structure, were not disclosed by either firm.