Peach Hill Capital and RK2 Property Group have recently acquired Georgetown Crossing, a 168-unit Class B garden-style apartment community in Savannah. The property was purchased for $25.6 million with plans to renovate it promptly. Built in 1994, the complex has not seen any updates since then, with 103 units remaining untouched.
The investors intend to upgrade various aspects of the property including flooring, appliances, kitchen and bathroom fixtures as well as landscaping and amenities such as the pool. This marks Peach Hill’s second multifamily investment in Savannah within eight months after acquiring two adjacent communities in the Southside submarket last year.
According to Daniel Joels from Peach Hill Capital: “We aim to enhance tenant living experience while keeping rents affordable by implementing operational efficiencies and taking advantage of economies of scale.” The rebranded name for Georgetown Crossing will be Georgetown Oaks.
This recent transaction highlights an increasing demand for value-add properties in Savannah’s thriving real estate market.
