The Mill at New Holland (“The Mill”) was a new construction, premier suburban multifamily project located in Gainesville, GA. The project was developed by Mesa Capital Partners. The Project commenced in September 2018, was completed in October 2020, and was sold in January 2021. The Mill was constructed at a cost of $45,121,538 ($158,879 per unit).
The development consisted of 272 Class-A units on 20 acres within a 68-Planned Urban Development called New Holland Market, which includes 400,000 SF of retail and outparcels, anchored by Kroger Marketplace. The Mill is located on Jesse Jewell Parkway, two miles east of downtown Gainesville.
Mesa engaged Pegasus Residential to manage the lease-up of the property. The Mill opened in February 2020 and experienced strong monthly leasing amidst the Covid-19 pandemic and achieved stabilization by December 2020. At the time of sale, the property was 100% leased.
Project Details
The Mill at New Holland was sold in January 2021 for $65,000,000 ($228,873/unit). The project delivered an IRR of 44.6% and a multiple of 2.37x.
- Investment Type: New Development
- Units: 272 | Average Unit Size: 1,029sf
- Unit Mix: Studio (5%) | 1-BD (32%) | 2-BD (56%) | 3-BD (7%)
- Rentable Square Feet: 295,183 sf
- Status: Sold
- Investment Date: September 2018 | Disposition Date: January 2021
- Total Project Cost: $45,121,538 – $158,879/Unit
- Disposition Price: $65,000,000 – $228,873/Unit
- Project IRR: 44.6% | Project Multiple: 2.37x
