Modern Multifamily Community in Fast Growing Market Sells for $25M
- May 13, 2016
Macon, Ga.—Multi Housing Advisors (MHA) closed the sale of Thomaston Crossing for $25 million to Maxus Properties. The 250-unit multifamily community, located on Thomaston Road in West Macon, includes two-, three- and four-story structures. The top residential property was built two years ago and is considered the newest and highest quality multifamily product in the fast-developing area.
According to Yardi Matrix, Maxus Properties was granted a Freddie Mac loan of nearly $18 million toward the transaction. The sellers, Sierra Development Group and SPP Residential, were represented by Robert Stickel, who leads MHA’s central to coastal Georgia deal team.
“Thomaston Crossing is truly a top-tier asset and the newest multifamily delivery in Macon. As the Central Georgia economy continues its expansion, job and wage growth have emerged. Multifamily properties are a prime beneficiary of Macon’s development with 4.9 percent year-over-year rent growth since December 2014, making it the fastest growing Georgia market outside of Metro Atlanta”, said Stickel.
The Yardi Matrix market report indicates that the Thomaston Road community features one-, two- and three-bedroom units with sizes ranging from 820 to 1,360 square feet. Common amenities include controlled access, a fitness center, business center, community room, swimming pool, laundry facilities and 439 grade level parking spaces. Selected units have their own private balcony or patio. The average monthly rent per unit is $836.
Residents at Thomaston Crossing also benefit from convenient access to Interstate 75, which enables them to quickly access more than 50,000 quality jobs.
Image courtesy of Multi Housing Advisors