Hyundai entices New York real estate investors to purchase south Chatham apartment complex

The Georgetown Crossing apartments in south Chatham County will soon feature a new name and new amenities.

Real estate investment firms Peach Hill Capital and RK2 Property Group recently acquired the complex for $25.6 million, and the joint venture is set to renovate the property, including renaming the complex Georgetown Oaks, according to a press release on the purchase.

The acquisition represents Peach Hill's second multifamily investment in the Savannah area over the past 8 months, the press release said. Two of Peach Hill's founders, Daniel Joels and Josh Meyer, pointed to the fast-growing Port of Savannah and major economic development as reasons for entering the market.

"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," Meyer said in the press release.

Planned renovations include new flooring, stainless-steel appliances and quartz countertops. The venture also plans to improve landscaping, enhance the community pool area and add a children's playground.

There are 103 units that have not been substantially renovated since the property was built in 1994, the press release said. The complex is home to 168 units in total.

“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,” Joels said in the press release.

Georgetown Crossing offers one-bedroom and two-bedroom units, with one bedrooms starting at $1,275 per month, according to the complex's site. There are two-bedroom units starting at $1,395 per month.

Georgetown Crossing is located at 1015 King George Blvd., adjacent to Stoner's Pizza Joint.

Peach Hill Capital focuses on multifamily properties in the Southeast. Both Joels and Meyer are former New York City real estate investment professionals.

Evan Lasseter is the city and county government reporter for the Savannah Morning News. You can reach him at ELasseter@gannett.com.