Capital Square 1031 Buys Metro Atlanta Multifamily Property for $65.8 Million
October 12, 2020
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.
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