Mesa Capital Gets $51M for Georgia Community
- Jan 06, 2020
Mesa Capital Partners has sold RiverStone Apartment Homes, a 328-unit community in Grovetown, Ga. NorthRock Cos. acquired the Class A property for $51 million or $155,488 per unit. Cushman & Wakefield’s Taylor Bird, Robert Stickel and Nelson Abels assisted the seller in the deal. According to Yardi Matrix data, RiverStone last changed hands in 2016, when Mesa Capital purchased the asset for $41 million from developer Moore & Murphey Co.
Completed in 2014, RiverStone sits on more than 40 acres at 101 Halton Drive, 14 miles west of downtown Augusta, Ga. The 14-building community offers one- to three-bedroom units ranging in size from 850 to 1,590 square feet. Amenities include a waterscape, bark park, clubhouse, car care center, fitness center, playground and more than 500 parking spaces. Yardi Matrix data shows the property was 94.2 percent occupied as of November.
The community is just south of Interstate 20, near the 62-acre, Walmart-anchored Gateway shopping center. The property is also close to the development site of Columbia County’s first hospital and some 7 miles northwest of the U.S. Army Cyber Command Complex at Fort Gordon.
In August, a 300-unit, Class A community situated 9 miles east of RiverStone traded for $58 million. Passco Cos. purchased the 2016-completed asset, which is located near the Augusta Exchange shopping center.