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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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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Sale/Acquisition