Atlanta company buys several downtown Macon apartment buildings

alopez@macon.comOctober 29, 2013 

Several historic downtown Macon properties have been sold to an Atlanta-based real estate investment company that specializes in adapting historic real estate.

Aderhold Properties purchased four apartment or loft buildings, totaling 154 family housing units, and two other properties for about $10 million.

They include Katherine Court and the Terrace Apartments on Mulberry Street, and Broadway Lofts and Cherokee Lofts on Martin Luther King Jr. Boulevard. The purchase also includes a parking lot and property adjacent to Cherokee Lofts.

“We think this is a good thing for downtown Macon,” said Mike Ford, president and CEO of NewTown Macon. “It confirms the strategy that we’re doing for downtown, which is building lofts that are successful and becoming attractive investments to companies outside of Central Georgia.”

The Katherine Court building, across the street from the Cannonball House, was restored in 2002 and is nearly 100 years old. Nearly as old, the Terrace Apartments building was built in 1926. Restored in 2007, it is on the National Register of Historic Places.

The Broadway Lofts complex, built in phases in the 1910s, is actually several buildings joined together and was once a factory formerly owned by Happ Brothers Manufacturing, which at one time was Macon’s largest employer. The adjoining Cherokee Lofts building was built later in the 1920s and is the smallest of the four properties purchased.

All four were redeveloped by McCarty Property Group.

Vern McCarty, founder of the McCarty group, said he is selling because he is in the process of retiring. The properties are successful, he said, at 97 percent occupancy, and are well-branded and well-known.

According to an Aderhold Properties news release, about $7.5 million of the $10 million price tag was from the assumption of existing debt.

Thomas Aderhold, president of Aderhold Properties, said he has known McCarty since the 1990s when McCarty served on the Atlanta City Council.

“Macon, we believe, is an up-and-coming area,” he said. “We believe it’s a great place to be.”

Aderhold said his company will run the properties as they are for the time being, “so we get a good feel for them,” he said.

In Atlanta, Aderhold runs the Fulton Cotton Mill Lofts. The nine historic industrial buildings were built over 40 years beginning in 1881 and at their peak employed 2,600 workers.

“Historic renovation is one of those things where you can do well,” Aderhold said. “It’s just a little bit more labor intensive. But it’s fun and it’s challenging at the same time.”

In addition to the four downtown Macon apartment buildings that are currently occupied, Aderhold Properties purchased two buildings at 656 Martin Luther King Jr. Blvd., which previously housed an auto-detailing shop. A news release from the company said these could be repurposed to provide patios and secured parking for residents of Broadway Lofts and Cherokee Lofts.

To contact writer Andres David Lopez, call 744-4382.

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