Tue, October 26, 2021/PRNewswire
DXE Properties, Acuity Partners, and JSR Development are pleased to announce 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.” 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.”
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.
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 Bird and Jaime Slocumb.
About DXE Properties. DXE Properties is a value-oriented boutique real estate investment firm founded by Josh Eitingon and Donato Settanni. Its strength lies in the founders’ unique backgrounds, resulting in an entrepreneurial and institutional investment strategy. DXE Properties uses a data-driven approach, combining meticulous research with extensive knowledge to find winning projects in all phases of the economic cycle. DXE has acquired over $60 million in multifamily real estate in the South East over the past 24 months.
About Acuity Partners. Acuity Partners is a boutique investment firm that provides access to proprietary investment opportunities in commercial real estate. Our team has been stewarding investments for wealthy individuals and families for over 30 years. As a private equity real estate firm, our goal is to help investors build long-term wealth and passive income streams through a diversified offering of value-add multifamily properties. Acuity Partners’ current focus is on multifamily investment properties of 200 units or more. We prefer value-add and workforce housing in the Southeastern and Midwestern regions. We partner with other experienced sponsors and have invested in over 2,000 units that are valued at over $200 million.
About JSR Development. JSR development is a boutique real estate investment and development firm founded by Joshua Gelb. Engaged in the acquisition, development, management and disposition of multifamily and luxury single-family properties.
SOURCE: Yahoo Finance