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PRESS RELEASE

January 17, 2025

2:30 PM

AGPM Acquires Hearthside Sugarloaf Senior Community

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Expanding Horizons: AGPM Acquires Hearthside Sugarloaf Senior Community in Lawrenceville, Georgia

AGPM has taken a significant step to expand its presence in Georgia with the acquisition of Hearthside Sugarloaf, a distinguished senior living community in Lawrenceville. This acquisition highlights AGPM’s dedication to providing high-quality housing solutions tailored to meet the needs of older adults, enriching their portfolio with a stabilized and thoughtfully designed property.


About Hearthside Sugarloaf

Acquired in December 2024, Hearthside Sugarloaf is a 110-unit senior affordable housing community, with 30% allocated as Market Rate rental units that was constructed in 2015. Hearthside Sugarloaf offers 1BR and 2BR options based on individual preference.

The property is equipped with amenities designed to enhance the quality of life for senior residents, including:

• A Hearthside Gathering Room for social activities
• Fitness Center for maintaining health and mobility
• Community Gardens that encourage outdoor engagement
• Media Room for entertainment and relaxation
• Art Studio for creativity and recreation
• Resident Storage for convenience
• Computer Center to support digital connectivity
• Pavilion with Grills for community events

These amenities create an environment that fosters independence, community connection, and active lifestyles for seniors.

Financing and Investment Highlights

Hearthside Sugarloaf was originally developed through a combination of federal and state tax credits aimed at fostering affordable senior housing. The property received a 9% credit allocation in 2012, with the first credit year beginning in 2015. Financing partners included RBC Community Investments and Churchill Stateside Group, with Colliers/Fannie Mae providing a loan at a 4.19% interest rate. The loan matures in February 2032, with yield maintenance expiring in mid-2031.

An upcoming state credit purchase option in 2024 offers an additional opportunity to enhance the property's long-term financial performance.

Strategic Importance for AGPM

The acquisition of Hearthside Sugarloaf is a strategic move that aligns with AGPM's mission to invest in communities that support the needs of senior residents. With its stabilized status and comprehensive amenities, the property provides immediate value to AGPM’s growing senior housing portfolio.
This acquisition underscores AGPM’s commitment to enriching the lives of senior residents by creating vibrant, supportive living environments and further solidifies its position as a leader in the multifamily and senior housing sectors.

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