Source: DXE Properties
SAVANNAH, GA - DXE Properties, Acuity Partners, and JSR Development announced the acquisition of Jasmine Place Apartments in Savannah, GA. This is the second acquisition the group has put together in Georgia within the past twelve months. Jasmine Place Apartments, located just north of Whitemarsh Island, is a 112-unit value add property built in 1979.
Donato Settanni, DXE Properties, said, "The market for well located multifamily property in the South East is extremely competitive right now. We were able to secure this property off-market through strong local relationships. Savannah is a market that continues to grow in many directions, including their major port operation, manufacturing and tourism. We are long term believers in this market and excited to take on this asset."
The property will be rebranded to The Retreat Savannah and will receive over $2.5 million in property renovations to drive a robust value-add strategy.
Joshua Gelb, JSR Development, said, "We are excited to once again partner with the teams at DXE Properties and Acuity Partners to add this attractive and well located property to our growing Southeast portfolio and to expand to the Savannah market."
DXE Properties, in conjunction with Acuity Partners and JSR Development, have invested almost $5 million in equity into the deal. Scott Kurland, President of Acuity Partners said, "We are happy to be partnering with DXE on the acquisition of this attractive asset."
The transaction was brokered by the Cushman and Wakefield team of: Nelson Abels, Austin Weathington, Taylor Birdand Jaime Slocumb.