Suburban Atlanta Multifamily Earns 192% Total Return for Investors
Capital Square 1031 has sold the Fairway View Apartments, a 243-unit multifamily community adjacent to the former Northwood Country Club golf course in Lawrenceville, GA, for $45.75 million. The property was owned by a group of DST investors who realized 191.72% total return, or a 22.43% annualized return, from their 1031 exchange investment.
The community is comprised of 26 two- and three-story residential buildings with one-, two-, three- and four-bedroom units averaging 1,089 square feet. Community amenities at the property include golf course views, a stand-alone clubhouse, coffee and tea bar, playground, sports court, swimming pool and a pet walk and care stations.
“We are extremely pleased with this outstanding result for Capital Square’s investors,” said Mike Waddell, president of Capital Square. “While the pro forma called for a 10-year holding period, Capital Square maximized value in record time and completed the sale in just over four years.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.