Update: Cobblestone

Cobblestone - Master Plans

This development consists of 142 single family homes. Cobblestone is just down the road from one of the largest master-plan communities in Savannah. This area is seeing tremendous growth due to job growth and lifestyle.

Update: Going Vertical in Summer of 2023

We are excited to announce that, due to proper planning, all of the materials needed to install utilities for our Built-to-Rent development in Savannah, GA (Cobblestone) have arrived on site on time. 

The project began horizontal construction in May of 2022 and is on track to begin vertical construction in the summer of 2023. The City of Savannah also approved the street names and addresses for the development this month. An essential component to navigating real estate development is timing. Our construction team was able to stay ahead of the curve while ordering materials which are critical to the horizontal development earlier than we originally anticipated. This has paid dividends as the storm water pipes are being delivered to the site at a rate of 1 truckload per day. This has allowed the development to continue to progress and not experience any timely delays. Furthermore, our expert team is currently working with our engineers to create a development phasing plan, which will allow us to begin the phasing of the vertical construction in the summer of 2023.

Development Fees Paid to Investors in 2023

Since Cobblestone is part of the Arabella Real Estate Fund, investors will continue to benefit as all development related fees earned from this project are considered income to the fund. Development fees are early income to our fund investors while they wait on the cash flow that comes after the neighborhood is constructed and leased up.

Acquired in 2021

Cobblestone was purchased in December of 2021 and the site was acquired as an off-market opportunity which allowed us to purchase the land at a very attractive basis below market value. This site was partially developed and construction was stopped due to the 2008 recession. The site went back to the bank and eventually into our hands.

Developing in Savannah, GA

Savannah is considered one of the fastest growing cities in the country. The city recently began an initiative that will pay qualified technology workers from outside the area to relocate to the city, which is expected to result in high-income earners moving to this area. Apart from the tech industry, the city is also a thriving seaport community and home to a diverse mix of industry including manufacturing, healthcare, tourism, and film. Bryan County which is part of the Savannah metro area grew by 48% over the last decade and the MSA is now home to about 400,000 people. Despite the recent large influx of new residents, housing supply has not caught up to demand, resulting in a lot of locals and migrants being priced out of downtown Savannah. As a result, housing communities just on the rim of the city of Savannah, where the community is located, are experiencing strong tailwinds.

Projected Rental Growth

According to leading real estate data provider, John Burns Real Estate Consulting, demand for single family residential is expected to be robust in Savannah in the coming years. Year-over-year rent growth anticipated to increase at an average rate of 4.1% in the next 4 years to a cumulative 16.5% increase, by 2025.

Location, Location, Location

The project will benefit from Savannah’s fast-growing population and diverse mix of industry that will drive household formation in the area within the coming years. Nestled near major freeways GA-204 and I-95, the location of the project allows easy access to all parts of the city.

Right Balance of Population & Job Growth

The port in Savannah is the 3rd largest port in the America’s. Over 41% of the 51k jobs make over $100k per year. The Savannah port is currently undergoing an $850MM expansion to increase its capacity to handle shipping containers by 50% or 9M TEUs (20ft containers) by 2026-2027. Savannah also attracts 15MM tourists each year and has a bustling movie industry. This city is an economic gem within Georgia. Strategically, for us it has the right amount of job and population growth. This creates upward pressure on rents that have already over 15% this year.

Hyundai Mega Plant & 8,000 New Jobs

As of recent, Hyundai has broken ground on a $5.54 billion electric vehicle Mega plant near our site. This will mark Hyundai’s largest investment outside of South Korea and the largest economic develop project in Georgia history. Hyundai’s Mega plant will create over 8,000 new jobs and produce 300,000 vehicles per year. This will be a huge addition to the market and the Cobblestone development is positioned very nicely to capitalize on the strong fundamentals of the market. 


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