Capital Square Delivers 200% Total Return on $76M Sale of Marietta Multifamily
Glen Allen, VA-based Capital Square has sold Ivy Commons Apartments, a 344-unit community in Marietta, GA, for $75.5 million.
The property was owned by a group of Delaware statutory trust, investors who realized approximately 200% total return and 20% internal rate of return from their 1031 exchange investment.
“Approximately $2.7 million was invested for renovations and upgrades to the property, improving residential life and the community as a whole,” said Whitson Huffman, Capital Square co-CEO. “This dramatically increased the value of the property.”
Capital Square acquired the 28.4-acre property, located at 3555 Austell Road SW about 10 miles from Atlanta Braves’ home Truist Park, in July 2018. The community comprises 39 residential buildings and a dual leasing center with a clubhouse. Community amenities include a swimming pool, fitness center, business center, two tennis courts, laundry facility, playground and conference room.
- ◦Sale/Acquisition