Starland Village Development Savannah, GA

Financial Summary



Cadence Capital Partners, in concert with the Foram Group, presents a 150,000 SF, transit-oriented, “Live, Work, Play” development opportunity located in Savannah, GA’s historic emerging arts district. Starland Village will represent Savannah’s premier mixed-use development featuring 54 superior residential apartments, 39,000 SF of Class-A private and co-working offices, retail & restaurant space and a historic cathedral transformed into a first-class event venue.












Financial Summary

LP Investment Opportunity:                   $9,983,700         27%

GP Investment:                                               $1,109,300          3%

Debt:                                                                     $25,883,667       70%

Total Cost:                                                          $36,976,667      100%


Project Level Return on Cost:                 7.4%

Blended Exit Cap Rate:                               6.0%

2023 Gross Sales Proceeds:                    $48,208, 025


Stabilized NOI:                                                $2,656,538

Project Level Gross IRR:                            24.2%

Project Level Gross EQM:                        2.7X


2115 & 2201 Bull St and 19 West 38th St
Savannah, GA 31401


Rooftop Amenities

In addition to the apartment building’s private rooftop, the project will feature several rooftop amenities unique to both the neighborhood and Savannah as a whole. A proposed 7,300 SF rooftop restaurant and bar would represent the only rooftop eatery and lounge for more than half a mile. In addition, the development calls for the city’s only public, plant-lined rooftop park with free Wi-Fi.

Event Center

The development will contain a state-of-the-art event center, “The Sanctuary,” housed in a 19th century cathedral, the 600-800 seat building will seek to host a variety of events, ranging from music offerings such as the Savannah Philharmonic and Savannah Music Festival to conferences like TedX Savannah. The Foram Group is in negotiations with Kaufman-Heinz to operate the center, bringing 25 years of combined experience in live event management, festival coordination, concert tech, and production.

Multi Family Space

The proposed multifamily project at 2215 Bull St. will consist of 54 Studio and 1 Bedroom apartments. Residents of the project will have access to a private rooftop garden and workout facility. The development will reserve 54 on-site parking spaces for residents as part of the development’s larger automated stacked parking system.

Innovative Parking

Starland Village will own and operate parking for 156 vehicles, utilizing automated stacked parking. Like a multi-story parking garage, this system provides parking for cars on multiple levels stacked vertically to maximize the number of parking spaces while minimizing land usage and construction expense.

Shared Office Space

The development’s shared office space will total approximately 39,000 SF, consisting of 201 private offices and 280 co-working spaces. The office will include a community kitchen, fiber internet, lounge areas, individual phone booths for private phone conversations, conference rooms, and classrooms. DIRTT walls will allow over-night office reconfigurations without demolition or dust should the need arise.


The Foram Group

Founded in 1978, the Foram Group is a real estate asset management company specializing in property acquisition, development, leasing and management throughout the southeastern United States. From its Savannah, Ga headquarters, the company’s seasoned real estate and business professionals acquire and manage properties located primarily in Florida, Georgia, and South Carolina. The Foram Group is recognized for the development of both the Brickell World Plaza in Miami, FL a 40 story, 1,089,391 SF office building and The Bartram, a 334 unit apartment complex in Gainesville, FL.

Travis Stringer - President

Travis has operated as the Foram Group’s President since joining the firm in 2014. Previously, Travis was a Development Finance Analyst in Los Angeles for Westfield, an international developer, owner, and manager of high-end shopping malls. At Westfield, Mr. Stringer gained experience in retail mall development, retail leasing strategy and project finance management and analysis. Most notably, Mr. Stringer played a prominent role in assembling the proforma for an $850-million-dollar re-development of Westfield’s Century City Mall in Los Angeles.

General Contractor - DPR Construction

DPR Construction is a $2.5 billion company with 25 offices in the US and 2 in Asia. DPR’s Georgia offices alone have overseen over $4 billion of construction projects including The Cobb Energy Performing Arts Centre, a $145 million, 2,750 seat performing arts venue, two WeWork office space build outs totaling 105,460 SF, and the Tanger Outlet Savannah, a 500,000 SF master planned outlet mall. Locally in Savannah, DPR completed renovation of more than 30 properties along historic Broughton Street as well as construction of Gulfstream Aerospace’s 430,000 SF manufacturing facility.

Loretta Cockrum - CEO/Founder

Loretta Cockrum founded Foram in Atlanta in 1978 with the mission to manage and develop real estate investment portfolios for families who have a multi-generational wealth preservation strategy. In 2013, Ms. Cockrum was named by Real Estate Forum magazine as one of the 25 most influential female real estate executives in the United States. She currently serves on the Board of the Savannah Economic Development Authority, Board of the World Trade Center Savannah, Advisory Board of Sea Island Bank (a division of Synovus Bank) and Advisory Board of Miami Finance Forum as well as Advisory Board of The Graduate School of Real Estate Development at University of Miami.

Kristin Stringer – Principal and In-House Counsel

Kristin Stringer is a Principal of Foram Group and serves as In-House Counsel. During her 27 years at Foram, she has gained experience in all aspects of Commercial Real Estate Development; including property acquisition, zoning, finance, management, leasing, administration and legal matters. From August of 2004 to November of 2006, Ms. Stringer successfully managed the architectural design and rezoning of the Brickell World Plaza in Miami, FL.


Map Data
Map data ©2018 Google
Map DataMap data ©2018 Google
Map data ©2018 Google

109 W Broughton St

109 W Broughton St, Savannah, GA 31401
Building SF: 3,594
Monthly Rent: $5,500
$/SF per year: $18.36
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Investment Team

Matthew Burskey

Cadence Capital Partners

W. Michael Bennett

Cadence Capital Partners

Brad Johnson

Senior Analyst
Cadence Capital Partners

Please contact us for more information:

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