Real estate investment company Capital Square 1031 acquired the 430-unit Southlawn Lawrenceville apartment community in downtown Lawrenceville.
The class A property was built in 2020 and offers studios through three-bedroom apartments ranging from 622 square feet to 1,375 square feet, the company said in a press release. Financial terms of the deal were not disclosed.
Southlawn Lawrenceville is at 30 S. Clayton St. and includes 15,000 square feet of street-level retail. It is situated on 14 acres in downtown Lawrenceville, which is the county seat of Gwinnet County and about 30 miles northeast of downtown Atlanta.
The Lawrenceville submarket has outperformed the overall Atlanta apartment market and had an average occupancy of 95.9% and rent growth of 6.9% for the year ending in February 2021, Capital Square said, citing Yardi Matrix.
The property includes three resort-style pools with cabanas, including a rooftop pool above a community clubhouse, as well as two fitness centers, among other amenities.
Alexandra Huffman, Justin Nelson and Lynn Pearson with Walker & Dunlop sourced the acquisition loan, which carries a 10-year term and a 3.55% fixed-interest property loan rate.