ACRE Breaks Ground Near Savannah
The development is expected to be delivered in 2024.
Rendering of Pepper Hall. Image courtesy of ACRE
ACRE has broken ground on Pepper Hall, a 331-unit community in the Bluffton-Hilton Head area of S.C. The project will be developed in partnership with Southeast Partners and is scheduled to be delivered in the first quarter of 2024.
Pepper Hall plans call for one- and two-bedroom units with an average size of 938 square feet, equipped with smart home technology. Common-area amenities will include a swimming pool, fitness center, clubhouse and yoga studio.
The multifamily project will be located in Okatie, S.C., along Highway 278, next to the city of Bluffton, one of the Southeast’s growing areas, 12 miles from Hilton Head Island and less than 20 miles northeast of Savannah, Ga.
ACRE is managing more than $3.2 billion in assets through private real estate investments and loans, according to the company.
Earlier this year, the private equity and debt fund company sold four communities in the Southeast, representing around 900 units, and also originated a $73.4 million construction loan for an 18-story development in St. Petersburg, Fla.
Migration to secondary and tertiary metros continues, and Savannah-Hilton Head is no stranger to this. The area’s population recorded a 15.0 percent rise between 2010 and 2020. Employment is also tight in the region, with the unemployment rate in Hilton Head Island-Bluffton-Beaufort at 2.3 percent as of April, according to Bureau of Labor Statistics data, below the 3.6 percent national figure.
