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Metro Atlanta Apartment Community Trades for $66M
Capital Square 1031 has acquired Newnan Crossing, a 298-unit apartment community in Newnan. The sales price was $65.8 million. The seller was a joint venture partnership between PointOne Holdings, Batson-Cook Development Company and Novare Group. David Gutting of Newmark Knight Frank brokered the transaction.
The development is a mix of three-story buildings and is part of a 123-acre mixed-use master development that will provide the property’s residents with a walkable, interconnected community containing a mix of retail, office, restaurant and residential space. The LINC, a 25 mile multi-use pedestrian pathway connecting the entertainment and commerce hubs of Newnan, runs adjacent to the apartment community.
“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, managing partner at PointOne Holdings.
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- ◦Sale/Acquisition
