Peach Hill Capital and RK2 Property Group Secure Savannah Apartment Community in $25.6 Million Deal

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

Georgetown Crossing: a Promising Real Estate Acquisition in Savannah

July 16, Savannah, GA: Local residents woke up to some significant real estate news on Friday. Peach Hill Capital, partnering with RK2 Property Group, have successfully marked their territory by acquiring Georgetown Crossing, a 168-unit Class B garden-style multi-family community in Savannah, Georgia. They procured the property in an off-market transaction for the sum of $25.6 million.

Georgetown Crossing, which was constructed back in 1994, is situated at 1015 King George Boulevard in Savannah’s Georgetown sub-market, a firmly established bedroom community located 13 miles southwest of Downtown Savannah. The community comprises of a mixture of one- and two-bedroom units located within seven, three-story residential buildings that are set around a clubhouse and a resort-style pool. The residential buildings are connected via a series of walking paths featuring picnic areas, barbecues, and a dog park.

Value-Add Opportunity For Peach Hill and RK2

The acquisition signifies a value-add opportunity for the new owners, as there are 103 units within the well-established community that have not undergone substantial renovations since the property was erected. The new plan by Peach Hill and RK2 for Georgetown Crossing – which will be rebranded as Georgetown Oaks, includes selective updating of unit interiors – such as new flooring, stainless-steel appliances, quartz countertops, tile backsplashes, cabinet fronts, and plumbing/light fixtures. The renovation project will also extend to enhancing the landscaping and amenities, including improvements to the pool area and the installation of a children’s playground.

Peach Hill’s Growing Influence in Savannah’s Multi-Family Market

This isn’t Peach Hill’s first foray into Savannah’s booming multifamily market. Just eight months ago, the Peach Hill – which was formed in 2023 by ex-New York City real estate investment professionals Daniel Joels,Josh Meyer and unnamed associates, acquired two adjacent communities in Savannah’s Southside submarket.

Savannah’s Lucrative Prospects

Savannah stands as a city of immense potential with one of the fastest-growing and largest container ports in the country along with a conducive business environment and a healthy quality of life, thereby drawing impressive rates of job and population growth.

“With the advent of Hyundai’s new $7.6 billion EV plant which will be fully operational by the end of this year, we anticipate a groundbreaking catalyst for further economic expansion in Savannah. The new plant will bring 8,500 direct jobs and thousands more ancillary jobs – a transformational impact that could lead to increased investment in the local community, its institution, and its infrastructure. This, in turn, will boost the demand for quality affordable rental housing in the market.” Josh Meyer, a partner in Peach Hill Capital said.

A Winning Investment

Abe Katz of RK2 noted, “The risk-return profile for Georgetown Crossing, given the property’s inherent quality and strong tenant demand in the sub-market, made the investment highly attractive to us.”