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 made in Georgia in the past twelve months. Jasmine Place Apartments are located north of Whitemarsh Island and are a 112 unit value property built in 1979.
Donato Settanni, DXE Properties, said: “The market for well-located apartment buildings in the southeast is extremely competitive right now. We were able to secure this property through strong local relationships outside of the market. Savannah is a market that continues to grow in many directions, including its major port operations, manufacturing, and tourism. We believe in this market for the long term and look forward to taking this advantage. "
The property will be renamed The Retreat Savannah and will receive over $ 2.5 million renovations to drive a solid value creation strategy.
Joshua Gelb, JSR Development, said, "We are excited to be working again with the teams at DXE Properties and Acuity Partners to add this attractive, well-located property to our growing Southeast portfolio and expand into the Savannah market."
DXE Properties, along with Acuity Partners and JSR Development, invested nearly $ 5 million in equity in the transaction. Scott Kurland, President of Acuity Partners, said, "We are excited to partner with DXE in the acquisition of this attractive asset."
The transaction was brokered by the Cushman and Wakefield team consisting of Nelson Abels, Austin Weathington, Taylor Bird and Jaime Slocumb.
Source: DXE properties