Acre has broken ground on Pepper Hall Multifamily, a 331-unit multifamily property in the Bluffton-Hilton Head area. The project is being developed in partnership with Charleston-based Southeast Partners.
Pepper Hall is scheduled to officially open in spring 2024.
“Acre remains focused on identifying unique multifamily and single-family development opportunities in high-growth coastal markets in the Southeast,” Bret Hewett, vice president of acquisitions for Acre, said in the release. “We’re very excited to partner with an accomplished firm in Southeast Partners to bring our vision for this development to life, and we're thrilled to expand our footprint to an under-supplied Southeast submarket situated in a region that continues to see healthy economic growth and exceptionally strong demand for affordable high-quality apartments.”
Pepper Hall is located less than 20 miles northeast of Savannah in one of the Southeast’s fast-growing regions. Since 2000, the market has seen its population increase by approximately 55%, the release said.
Through a series of equity and debt funds, Acre manages more than $3.2 billion in assets across private real estate investments and loans, the release said.