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Robert Powell, III// November 1, 2016//
Virginia Beach-based Hercules Living has acquired two residential apartment communities in Georgia for $64 million.
The deals will add 469 units to the company’s multifamily portfolio that includes properties in the mid-Atlantic and Southeast.
The properties are Century Mill Creek in Duluth, Ga.. a 259-unit apartment community now named Dakota Mill Creek, and Century Brook in Austell, Ga., a 210-unit multifamily community renamed Chroma Park. Hercules said the communities have enjoy high occupancy rates and high tenant retention.
Hercules Living’s development arm, RST Development LLC, and construction arm, Triangle Construction, both of Rockville, Md., will enhance and upgrade signage, common area amenities and other assets in the coming months.
Hercules Living owns and manages more than 40 properties, including more than 8,000 apartments in seven states.
