Peach Hill, RK2 Pick Up Savannah Asset
The 168-unit multifamily property will be rebranded as Georgetown Oaks.
In an off-market deal, Peach Hill Capital, in joint venture with RK2 Property Group, has purchased Georgetown Crossing, a 168-unit multifamily community in Savannah, Ga., for $25.6 million. Berkadia’s Mark Boyce and Blake Coffey negotiated on behalf of the seller, Napali Capital.
The property last changed hands in 2022 for $30 million, when Napali Capital picked it up from Strategic Holdings, Yardi Matrix shows. The deal marks the second investment in the Savannah market for Peach Hill Capital in the past eight months.
Originally completed in 1994, Georgetown Crossing is a Class B garden-style multifamily property at 1015 King George Blvd. The asset consists of seven three-story buildings that include one- and two-bedroom floorplans with an average size of 1,007 square feet.
Future plans for the Savannah property
The joint venture will rebrand the asset as Georgetown Oaks, with plans to upgrade unit interiors with new flooring, quartz countertops, stainless-steel appliances, cabinet fronts, tile backsplashes and plumbing, along with lighting fixtures. The improvements also include exterior upgrades, with enhanced landscaping and amenities, such as an upgraded swimming pool area and the addition of a children’s playground.
Common-area amenities include a fitness center, a volleyball court, a swimming pool, a spa center, laundry facilities and 264 parking spots, according to Yardi Matrix. Additionally, the seven residential buildings are connected through a series of walking paths with barbecue spots, a dog park and picnic areas.
The approximately 13-acre multifamily community is close to multiple bus stops and 9 miles from Richmond Hill, Ga., 13 miles from downtown Savannah and within 18 miles from Savannah-Hilton Head International Airport.
A recent similar transaction in the area was Standard Communities’ $16.4 million acquisition of Laurel Hill Apartments, a 100-unit fully affordable community in Shelby, N.C. The multifamily property was originally completed in 1974 and the new ownership plans for significant interior and exterior renovations.
