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.

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 consists of three-story apartment buildings, and rental 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.

Capital Square specializes in tax-advantaged real estate investments. To date, the firm has completed more than $2 billion in transaction volume.

Story courtesy: www.thediwire.com