Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, on Wednesday announced the acquisition of Two Addison Place, a 325-unit multifamily community in Pooler, Georgia, near Savannah.
The garden-style community, which consists of a mix of 14 two-, three- and four-story buildings as well as cottage homes with attached garages, was 97% occupied at the time of the off-market sales transaction.
The asset was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the mid-Atlantic and Southeast regions. This represents the third multifamily community and ninth overall asset acquired by the fund, following last year’s acquisition of Mount Pleasant Towne Centre, a 510,000-square-foot open-air regional shopping venue situated in South Carolina.
With this acquisition, CRC now owns three assets in Georgia, including Millworks Apartments, a 325-unit apartment community located in the Buckhead section of downtown Atlanta, and North Bridges, a 105,000-square-foot retail center in Alpharetta. Additional CRC assets in nearby South Carolina are Central Island Square, a mixed-use project containing 313 multifamily units and complementary retail space in the 4,000-acre master-planned community of Daniel Island, and The Bluestone, a 360-unit multifamily community in Bluffton, near Hilton Head Island.