Capital Square 1031 Acquires 243-Unit Fairway View Apartment Community in Atlanta Submarket
September 29, 2017
Capital Square 1031, a real estate investment and management firm specializing in Delaware statutory trust investments, has purchased Fairway View Apartments, a 243-unit multifamily community adjacent to the Northwood Country Club golf course in the Lawrenceville suburb of Atlanta, Georgia. The purchase price was not disclosed.
Situated on approximately 20 acres, Fairway View Apartments is comprised of 26 two- and three-story residential buildings, as well as standalone clubhouse/office, laundry and maintenance buildings. The property’s one-, two-, three- and four-bedroom units average 1,089 square feet. Fairway View Apartments was 95 percent occupied at the time of acquisition.
“Fairway View Apartments is well located, near local businesses and major retail services in the Atlanta area,” said Seth Harris, executive vice president of investments. “Approximately 40 percent of the property’s units are townhomes, which is a desirable floor plan for many families. Also, the property is located in an excellent school district with top-rated public schools that have been recognized for high academic achievement.”
Louis Rogers, founder and chief executive officer of Capital Square 1031 added, “Fairway View Apartments is projected to generate stable cash flow and the potential for capital appreciation. This is desirable for many Section 1031 exchange investors who are seeking growth of income and capital appreciation in their replacement property.”
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