Hercules Living Buys Georgia Apartment Communities for $64M
- Nov 02, 2016
Atlanta—Virginia Beach-based, family owned multifamily developer Hercules Living has announced the combined $64 million purchase of two residential apartment communities in Georgia. The acquired properties add 469 units to the company’s extensive multifamily portfolio that comprises assets in the mid-Atlantic and Southeast regions of the U.S.
“Our most recent acquisitions dramatically expand the depth of market share we enjoy in the Greater Atlanta area. This substantial investment showcases the strength of our commitment to provide high quality, yet affordable housing to Metro Atlanta,” Scott Copeland, principal of RST Development, the development arm of Hercules Living, said in prepared remarks.
Located at 2705 Mall of Georgia Blvd. in Buford, Ga., Century Mill Creek was previously owned by Centennial Holding Co. and is subject to a $20 million loan due in 2020, according to Yardi Matrix. In addition, the property was acquired back in 2012 for $27 million from seller Trade Street Residential. The community features one- and two- bedroom units and offers a wide range of amenities including a fitness center, business center, pool, clubhouse and 500 parking stalls, among others. The property will operate under the name Dakota Mill Creek.
Century Brook is located at 2105 Mesa Valley Way in Austell, Ga., and consists of 210 one-, two- and three- bedroom units. The property was purchased from the seller, Centennial Holding Co., for $25 million and is subject to a $19 million Freddie Mac financing due in 2026, according to Yardi Matrix. The property features a clubhouse, fitness center, pool and 250 parking stalls, among other amenities. The buyer will rename the asset Chroma Park.
Hercules Living, alongside its development arm, RST Development LLC, and construction arm, Triangle Construction, plans to upgrade and enhance the signage of both assets. In addition, the company plans to boost its portfolio with other Atlanta-area purchases in the coming months.
Image courtesy of Yardi Matrix