1015 King George Boulevard, Savannah, GA.
Georgetown Crossing, a 168-unit apartment complex built in 1994 that is located in Savannah, Georgia. It was acquired by Strategic Holdings on December 27, 2019.
The property is an outstanding fit to the Strategic Holdings portfolio. The exteriors are in good condition and most unit interiors are in need of a "value-add" renovation. Renovations will include new granite counter tops in the kitchen and bathrooms, new cabinet faces, appliances, backsplashes, flooring, electric & plumbing fixtures in about 75% of the units. Prior ownership achieved rent increases of over $100 per unit on 45 units doing a similar rehab without the granite counter tops. With those upgrades, we believe we will be able to increase rents which would potentially translate to an overall property value increase.
Savannah's economy is strong and its population is rapidly increasing. Job growth due to an expanding port and major new mixed-use and industrial development projects are fueling the growth. With 35+ million tons of cargo in 2017, the Port of Savannah ranks as the East Coast's busiest container exporter and is the state's major job driver.The Georgia Ports Authority makes continual strides to increase capacity including $5B in major expansion projects that is expected to elevate Georgia from regional to national leadership status in logistics. Having increased by 30% since 2000, the MSA population is projected to expand by another 30% or 116,000 by 2030. Savannah’s expanding economy and population make it a potentially favorable environment for multifamily investments.