The Ironwood was a new construction, premier suburban multifamily project located in North Augusta, South Carolina within the Augusta, Georgia MSA. The project was developed through a partnership between Mesa and Birmingham-based LIV Development. The Project commenced in May 2017, was completed in December 2018, and was sold in July 2019. The Ironwood was constructed at a cost of $38,505,966 ($137,521 per unit).
The development consisted of 280 Class A units within the master planned $144 million “Ballpark at Hammonds Ferry” riverfront development. The Ballpark at Hammonds Ferry, a public-private mixed-use development, is anchored by the new 4,500 seat minor-league baseball stadium which is home for the Augusta GreenJackets. Atlanta-based Greenstone Properties is the master developer of the entire commercial district. The development includes restaurants/retail, a high-end hotel, office space, conference center, single-family homes, and parking decks. Residents of The Ironwood also benefit from proximity to nearby community parks and greenway trails that run along the Savannah River.
Mesa’s investment in Ironwood was structured as a joint venture equity co-investment whereby LIV Development contributed 27% of the equity, Greenstone Properties contributed 18% of the equity, and Mesa contributed 55% of the equity to complete the 330-unit development.
Ironwood was sold in July 2019 for $59,235,000 ($179,500/unit). The project delivered an IRR of 34.2% and an equity multiple of 1.90x.
- Investment Type: New Development/Joint Venture
- Units: 280 | Average Unit Size: 933 sf
- Unit Mix: 1-BD (61%) | 2-BD (34%) | 3-BD (6%)
- Rentable Square Feet: 261,369 sf
- Status: Sold
- Investment Date: May 2017 | Disposition Date: July 2019
- Total Project Cost: $38,505,966 – $137,521/Unit
- Disposition Price: $51,940,000 – $185,500/Unit
- Project IRR: 34.2% | Equity Multiple: 1.90x
- Development Partners: LIV Development – Birmingham, AL | Greenstone Properties – Atlanta, GA