Capital Square 1031 Buys New Multifamily Community in Georgia
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased a new Class A, 234-unit multifamily property in Commerce, Georgia, approximately 70 miles from Atlanta, on behalf of one its Delaware statutory trust offerings.
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased a new Class A, 234-unit multifamily property in Commerce, Georgia, approximately 70 miles from Atlanta, on behalf of one its Delaware statutory trust offerings.
CS1031 Capstone at Banks Crossing Apartments DST is a private placement offering that seeks to raise $32 million in equity from accredited investors and has a minimum investment of $50,000.
“Capstone at Banks Crossing Apartments is Capital Square’s fifteenth acquisition of an apartment community in Georgia, creating management efficiencies and economies of scale,” said Louis Rogers, founder and chief executive officer of Capital Square. “Capital Square is bullish on Metro Atlanta because the economy is growing rapidly and creating jobs. The population of the Atlanta metropolitan statistical area increased 15.2 percent between 2010 and 2020, and Commerce, along with nearby areas, has become an important industrial hub for the growing region.”
Located at 288 E. Ridgeway Road, Capstone was completed in 2021. Situated in Banks County on 15.6 acres of land, the community was 97.8 percent leased as of December 2021.
The community includes one-, two- and three-bedroom units with granite kitchen and bathroom countertops, stainless steel appliances and more.
Amenities at the community include a swimming pool with tanning ledge, clubhouse with resident lounges and a kitchen, business center, coffee bar and conference room. Additional features include a fitness center with digital on-demand classes, outdoor grilling stations, package delivery lockers, dog park and pet spa, fire pit and storage units available to rent.
Capital Square said that Capstone also benefits from important demand drivers, such as increasing regional employment. For example, SK Innovation launched construction on the second phase of its $2.6 billion electric battery plant, located approximately two miles from Capstone, and could eventually employ more than 6,000 workers.
Enchem Ltd., a supplier to SK Innovation, announced it would invest $61.4 million to build two new manufacturing plants in nearby Jackson County, creating more than 300 jobs.
Diana Food’s $50 million office and food manufacturing and warehouse facility and German laminate and wood flooring underlay manufacturer Selit’s $45 million plant are less than one mile from the apartment complex. Additionally, GE Appliances’ new distribution center is four miles from Capstone, while Southeast Toyota Distributor’s 350,000-square-foot facility is six miles away.
“Capstone is an exceptional addition to the Capital Square portfolio,” said Whitson Huffman, chief strategy and investment officer. “The property is newly built and caters to higher-end renters in an economically thriving part of Georgia. Expanding employment centers in the region will drive continued population and employment growth, which should lead to even greater demand for quality housing options, such as those provided by Capstone at Banks Crossing Apartments.”
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. Since 2012, Capital Square has completed $4.2 billion in transaction volume. Capital Square’s related entities provide due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high-net-worth investors, private equity firms, family offices and institutional investors.
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