Mesa Capital Partners has announced the sale of The Mill at New Holland, a 284-unit, new development multifamily property in Gainesville, GA. The property was purchased by Passco Co., a privately held, California-based real estate investment firm, for $65 million, or $228,873 per unit.
The Mill at New Holland was completed in October 2020. The property was 99% leased at the time of sale and had reached stabilized occupancy within nine months despite the Covid-19 pandemic. The community is located at 1000 New Holland Way NE in Gainesville, GA, one of the fastest growing areas of the greater metro Atlanta area. The Mill represents best-in-class apartment living in Gainesville offering amenities which include a 24-hour fitness center equipped with Peloton bikes, resort-style pool, outdoor grilling stations, outdoor firepit, club room with billiards, dog park, luxury pet spa and market pantry with sundry shop.
CBRE Southeast Multifamily represented seller Mesa Capital Partners, in the transaction. Development and property management partners included contractor LandSouth Construction, Dwell Design Studio, Focus Design Interiors and Pegasus Residential.
About Mesa Capital Partners
Founded in 2010, Mesa Capital Partners has owned 50 assets in 24 markets representing over 20,000 units. The company has completed $2.5B in total volume transactions and has strived to consistently deliver above-market, risk-adjusted returns to investors with quality ground-up multifamily development investments.