October 20, 2020
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has launched a Regulation D private placement comprised of Promenade at Newnan Crossing, a newly constructed 298-unit apartment community in Newnan, Georgia, a city within the Atlanta metropolitan area.
The offering, CS1031 Promenade at Newnan Crossing Apartments DST, seeks to raise $30.3 million in equity from accredited investors with a minimum investment of $50,000. The acquisition loan was financed by Fannie Mae with a 2.85 percent fixed rate 10-year loan.
Last week, The DI Wire reported that Capital Square purchased the property for $65.8 million from joint venture partners PointOne Holdings, Batson-Cook Development Company, and Novare Group.
“Promenade is a high-quality, Class A multifamily community in Newnan,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “It is part of a 123-acre, mixed-use master-planned development that will provide residents with a walkable, interconnected community containing a mix of retail, office, medical, restaurant and residential uses. The LINC, a 25.5-mile pedestrian pathway connecting the area’s entertainment and commercial hubs, is adjacent to the community.”
The community is comprised of 298 units and situated on approximately 24 acres of land and includes townhomes, rental homes and apartment flats ranging in size from 895 square feet to 1,322 square feet. The property was completed in 2020 and is 91.3 percent occupied as of September 2020.
Community amenities include a clubhouse with multiple lounge and meeting areas, a swimming pool, community garden, dog park, bike storage pavilion, indoor game room, bocce ball court and turf area used for outdoor movie screenings.
Additional amenities include a fitness center, package delivery lockers, two outdoor fireplaces, two outdoor grilling areas and electric car charging stations.
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