Virginia investor picks up newly built Acworth apartment community
November 9, 2021
A Glen Allen, Va.-based real estate investor purchased a newly built, 339-unit apartment community in the Atlanta suburb of Acworth on behalf of one of its funds.
The class-A property, the Quincy, was acquired by Capital Square 1031, which sponsors Delaware statutory trust offerings for Section 1031 exchange and accredited investors, for an undisclosed amount.
“Cherokee County reported the second-highest population growth among all of the counties in the Atlanta-Sandy Springs-Roswell, GA MSA between the 2010 Census and the 2020 Census,” Capital Square founder and CEO Louis Rogers said in a press release. “Completed in 2021, the property’s initial lease-up was completed in only eight months, demonstrating exceptionally strong demand due to strong employment growth and proximity to Interstate 575 with new express lanes for quicker commutes throughout metro Atlanta.”
The Quincy is located at 900 Buice Lake Parkway in Cherokee County and is situated on 17.71 acres of land. It offers one-, two- and three-bedroom apartments with an average unit size of 1,023 square feet.
Community amenities include a swimming pool with a tanning shelf and gas grilling station, a covered patio with a natural gas fireplace and a resident lounge. Other amenities include a fitness center, conference space, lawn/event space with outdoor seating, a dog park and more.
RangeWater Real Estate will continue to manage the property.
The fund for which Capital Square acquired the Quincy, CS1031 The Quincy Apartments DST, seeks to raise $63.82 million in equity from accredited investors and has a minimum investment requirement of $50,000.
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