(Read more on the multifamily market.)

AUGUSTA, GA-Santa Ana, CA-based Triple Net Properties LLC has acquired the 200-unit Century Hills apartment community on behalf of tenant-in-common investors. The property was acquired from Centennial Investment Properties.

“We like the Augusta market right now. It’s a market that’s seen little construction with an average occupancy of 97.5%,” Triple Net Properties senior vice president-acquisitions, apartment properties Gus Remppies tells GlobeSt.com.

Remppies adds that the property, located one mile from the Augusta National Golf Course, has been well maintained. “We plan to make some minor improvements, such as upgrading the clubhouse area,” he says.

The seller was represented by John Brown, of Marcus & Millichap. Financing was provided by Wachovia Bank, National Association.

Built in 2000, the 221,000-sf property sits on 17 acres with eight residential buildings and another building that houses the leasing center and clubhouse. The property is 96% occupied with average unit sizes of 1,105 sf. Among unit features include nine-foot ceilings with crown molding and walk-in closets. Among community features are a swimming pool, tennis courts, business center and a parking ratio of 2.4 spaces. The complex has access to Interstate 20 and the entire Augusta metropolitan area.

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