Capital Square 1031, a sponsor of Delaware statutory trust offerings for Section 1031 exchanges, has purchased the Promenade at Newnan Crossing, a 298-unit multifamily property located in the Atlanta suburb of Newnan, Georgia. The firm purchased the property for $65.8 million from joint venture partners PointOne Holdings, Batson-Cook Development Company, and Novare Group.
Promenade at Newnan Crossing is comprised of three-story buildings, rental homes and for-rent townhomes on approximately 24 acres.
The development is part of a 123-acre mixed-use master development with retail, office, restaurant and residential space. The LINC, a 25.5 mile multi-use pedestrian pathway connecting the entertainment and commerce hubs of Newnan, runs adjacent to the property.
“Promenade at Newnan Crossing Apartments is another example of a successful execution by PointOne Holdings following our strategy to sell our older vintage value-add properties and pivot to developing well located garden-style, Class A, multifamily properties in major market suburbs,” said Leo Peicher, PointOne Holdings’ managing partner.
In other Capital Square news, the company recently hired Nick Headley as senior regional vice president of central sales.
Capital Square specializes in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. To date, the firm has completed more than $2 billion in transaction volume.