Coro Realty Advisors, a leading diverse real estate investment and management company, announces the successful sale of the second half of its Hapeville Assemblage to Terwilliger Pappas Multifamily Partners for an undisclosed sum.  The sale was arranged by Rich Arroll of Major & Arroll.

The transaction includes 8.5 acres, comprising 18 lots assembled from 2020 to 2022.

In 2020, Coro Realty, in partnership with Miller Lowry Developments, acquired a significant 16-acre site consisting of approximately 60 parcels along Chestnut and Elm streets, close to downtown Hapeville. The first half of this assemblage was successfully sold to D.R. Horton in November 2022, marking a pivotal moment in developing this vibrant area.

"Coro Realty's investment strategy focused on acquiring a well-located site in an up-and-coming submarket, allowing us to either develop with strong joint venture partners or sell to development partners," said Robert Fransen, Managing Partner Coro Realty Advisors. "This move aligns with our commitment to reinvest equity into high-opportunity assets and diversify our investments, ensuring sustainable growth.”

The economic landscape in and around Hapeville continues to thrive. Notably, Porsche recently completed a $50-million expansion. The company's new track is accentuated by new structures that will attract visitors and bolster the local economy.

Additionally, Hapeville is experiencing a surge in residential and commercial development. The recent completion of Signal, a 285-unit mid-rise apartment complex developed by South City Partners, exemplifies the area's growth. Other notable projects include the new 100,000-square-foot Atlanta Postal Credit Union headquarters and a 68-unit built-for-rent townhome community developed by North & Central Ventures and BCDC. 

"Coro Realty is committed to fostering growth and innovation in the Southeastern real estate market," Fransen said. "This sale not only represents a significant milestone for our investors but also contributes to the ongoing revitalization of Hapeville, a community with immense potential.”