Peach Hill Capital and RK2 Property Group acquired Georgetown Crossing, a 168-unit Class B garden-style apartment community in Savannah, for $25.6 million and plan to renovate it as soon as possible. Built in 1994, 103 of the units have not been renovated since. The investors plan to upgrade the flooring, appliances, kitchen and bathroom fixtures, landscaping and amenities, such as the pool.

This is Peach Hill’s second multifamily investment in Savannah in the past eight months. 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 Peach Hill’s Daniel Joels. 

Georgetown Crossing will be rebranded Georgetown Oaks. 

CBRE has negotiated the sale of Lexington Hills, a 168-unit multifamily community in Eagan, Minnesota, to Reacor Ltd. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the seller, Monument Frozen Tundra LLC, in the transaction.

“Lexington Hills demonstrates the continued interest in Twin Cities suburban multifamily. The capital markets remain active, and the stability in the ten-year treasury has taken away a level of uncertainty. Sentiment post-NMHC was very positive for forward fundamentals in the space, although there are some micro-location challenges due to supply,” said CBRE’s Abramson.

The property was built in 1988 and is located at 4116 Lexington Avenue South. It comprises seven residential buildings with studio-, one- and two-bedroom floorplans averaging 723 square feet. Lexington Hills sits on 16.51 acres and is situated close to several retail centers and recreation areas.

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