Peach Hill Capital and RK2 Property Group Acquire Savannah Apartment Community for $25.6 Million

SAVANNAH, Ga. - July 15, 2024 - PRLog -- Peach Hill Capital, in a joint venture with RK2 Property Group, has acquired Georgetown Crossing, a 168-unit Class B garden-style multifamily community in Savannah, GA, in an off-market transaction for $25.6 million.

Georgetown Crossing, built in 1994, is located at 1015 King George Boulevard in Savannah's Georgetown submarket, a well-established bedroom community 13 miles southwest of Downtown Savannah. The one- and two-bedroom units are housed in seven, three-story residential buildings surrounding a clubhouse and resort-style pool. The residential buildings are connected by a series of walking paths with picnic areas, barbecues, and a dog park.

Georgetown Crossing, which will be rebranded as Georgetown Oaks, represents a value-add opportunity for Peach Hill and RK2, as 103 units have not been substantially renovated since the property was built. In addition to selectively upgrading unit interiors with new flooring, stainless-steel appliances, quartz countertops, tile backsplashes, cabinet fronts, and plumbing/light fixtures, the Peach Hill-led venture plans to improve landscaping and amenities with a scope that includes enhancing the pool area and installing a children's playground.

This is the second multifamily investment in Savannah in the past eight months for Peach Hill, which was formed in 2023 by three former New York City real estate investment professionals, including Daniel Joels and Josh Meyer. Late last year, the firm acquired two adjacent communities in Savannah's Southside submarket.

"By taking advantage of operational efficiencies and economies of scale, we plan to make thoughtful improvements that will enhance the tenant living experience while still maintaining affordable rents," said Joels.

With one of the largest and fastest-growing container ports in the country, a business-friendly environment, and a rich quality of life, Savannah continues to experience tremendous job and population growth, according to Meyer.

"We view Hyundai's new $7.6 billion EV plant, which is slated to open later this year, as a game-changing catalyst for further economic expansion here. In addition to the 8,500 direct jobs and thousands more ancillary jobs it will bring to Savannah, the new plant is poised to have a transformative impact on the area and lead to increased investment in the local community, its institutions, and its infrastructure," he said. "We expect this will only serve to augment the already high demand for quality affordable rental housing in the market."

"We were attracted to the risk-return profile of Georgetown Crossing, given the quality of the asset and the strong tenant demand in the submarket," added Abe Katz of RK2.

Berkadia's Mark Boyce and Blake Coffey represented the seller in the transaction.

Peach Hill Capital (http://www.peachhillcapital.com) is a real estate investment platform focused on acquiring and improving existing multifamily properties in select high-growth markets within the Southeast US. Peach Hill Capital is a real estate investment platform focused on acquiring and improving existing multifamily properties in select high-growth markets within the Southeast US.