Savannah Business Journal Staff Report
April 25, 2019 - Savannah-based Kole Management Co. is in the process of selling its portfolio of 13 apartment communities in two states to transition exclusively into property management. In its new form, the company will retain management of eleven of those properties.
“We have decided to devote all our time and expertise to third-party management and look forward to providing the same boutique, quality service to our clients and residents as we did when we were owner/operators,” said Kole Management COO Khrista Villegas.
Kole put its multifamily portfolio on the market in November, and all of its properties are under contract with closing expected in April and May. That portfolio consists of seven properties in Savannah, three in Macon and one each in Augusta and Canton, Georgia, and Charlotte, North Carolina.
”A number of factors, including historically low cap rates and broad investor interest in smaller market assets, came together to convince us that it was a good time to consider selling our portfolio,” said KMC President, Jeff Kole. “Until recently, we had little interest in selling and were, in fact, building a robust and highly capable management company to oversee properties for ourselves and third parties. This sale provides us the opportunity to focus exclusively on offering boutique yet sophisticated property management for a wide range of apartments – from lease-ups to workforce housing – across the Southeast.”
The company expects to grow its multifamily property management portfolio with expansion into North Carolina and Florida, as well as additional properties in Macon. Details of those arrangements, as well as, the new positions brought on to support this growth, will be announced in the near future.