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.
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.
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