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Atlanta & Southeast  + Apartments  |  January 25, 2021
David Cohen
By: David Cohen

Passco Snags Gainesville MF Property for $65M

Privately-held California-based commercial real estate company Passco Cos. acquired The Mill at New Holland, a 284-unit, multifamily property in Gainesville, GA. The sales price was $65 million.

The property was completed in 2020 and reached stabilized occupancy in 9 months. In addition, the community was 75% leased before amenities were available. Amenities, which have since been completed, include a 24-hout fitness center with Peloton bikes, a resort-style pool, outdoor grilling stations and TV area, an outdoor firepit, a club room with billiards, a dog park, luxury pet spa and a rideshare waiting area. The community is located at 1000 New Holland Way NE.

Paul Berry and Shea Campbell of CBRE Southeast Multifamily represented the seller, Mesa Capital Partners, in the transaction. In addition, Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Cos.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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