CHARLOTTE – JLL Capital Markets announced today it has closed the $65.9 million sale of Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in the North Durham submarket of Durham, North Carolina.

JLL marketed the property on behalf of the seller, a joint venture between Boston-based The Davis Companies and Gemini Partners, LLC, and procured the buyer, Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.

The Lodge at Croasdaile Farm is situated on nearly 40 acres at 3130 Hillandale Road within the Croasdaile Farm master-planned community, which features a median home price of nearly $525,000. Completed in 2019, the three-phase property consists of a mix of one-, two- and three-bedroom garden-style flats and two- and three-bedroom townhome units totaling 340,160 rentable square feet. Community amenities include a resort-style saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a leash-free bark park. Residents also have direct access to premium lifestyle amenities, including Croasdaile’s extensive paved greenway system and the trails surrounding Crystal Lake, as well as access to nearby Interstate 85, which provides connectivity to the MSA’s largest employers in Downtown Durham, Duke University and Duke Medical Center. 

The JLL Capital Markets team representing the seller was led by Managing Directors Jeff Glenn and Andrea Howard, Senior Director Allan Lynch, Directors Caylor Mark and John Currin along with former Managing Director Justin Good.

“Recent deliveries in the Durham sub-market are urban infill developments,” said Blair Booth, one of the development partners involved with the project. “The cost to deliver and rent these projects have priced out a large portion of the rental demographic. Our goal was to develop a close-in, Class A property with competitive finishes at a cost and price point well below our infill competitors. The vigorous lease-up and strong rental rates exceeded our expectations and supported the need for quality workforce housing in Durham.”

Hercules Living, a family-owned and operated multifamily regional developer headquartered in Virginia Beach, Virginia, announces 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 of the US.

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.

New rental applications are being accepted at both properties Monday through Friday 9 am to 6 pm and Saturday 10 am to 5 pm.  The Dakota Mill Creek Leasing Center is located at 2705 Mall of Georgia Boulevard, Buford, Georgia, 30519. Chroma Park's Leasing Center is located at 2105 Mesa Valley Way, Austell, Georgia, 30106.