VIRGINIA BEACH, VA - Hercules Living, a family-owned and operated multifamily regional developer headquartered in Virginia Beach, Virginia, announced its recent acquisition of two residential apartment communities in Georgia. The two acquisitions represent a $64M capital investment adding 469 homes to their vast multifamily portfolio that includes properties in the mid-Atlantic and Southeast region.
The latest acquisition for Hercules Living includes the purchase of Century Mill Creek in Duluth, a 259-unit apartment community located near the Mall of Georgia now named Dakota Mill Creek. Additionally, Hercules Living purchased Century Brook on Mesa Valley Road in Austell, a 210-unit multifamily community renamed, Chroma Park. Both properties are well-established rental communities; enjoy high occupancy rates and high tenant retention.
Hercules Living teamed with their development arm, RST Development, LLC, and construction arm, Triangle Construction, both of Rockville, MD, to enhance and upgrade both properties' signage, common area amenities and to add additional assets in the coming months. Award-winning Hercules Living owns and manages over 40 properties, including more than 8,000 apartments in seven states.
"Our most recent acquisitions dramatically expand the depth of market share we enjoy in the Greater Atlanta area. This substantial investment showcases the strength of our commitment to provide high quality, yet affordable housing to Metro Atlanta," said Scott Copeland, principal of RST Development.
Source: Hercules Living / #Apartments #Multifamily