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Investor picks up new 234-unit multifamily property in Commerce

by John Yellig

Courtesy of Capstone at Banks Crossing.

Glenn Allen, Va.-based real estate investment company Capital Square 1031 acquired the 234-unit Capstone at Banks Crossing apartment community in Commerce on behalf of one of its funds.

The class-A asset is located at 288 East Ridgeway Road and was completed in 2021. The property is situated on 15.6 acres in Banks County and was 97.8% leased as of December 2021. The community offers one-, two- and three-bedroom units with high-end finishes, such as granite kitchen and bathroom countertops, stainless-steel appliances and more, according to a press release.

Courtesy of Google Maps.

The community’s amenities include a swimming pool with tanning ledge, clubhouse with resident lounges and a kitchen, business center, coffee bar and conference room, and a fitness center with digital on-demand classes.

Capital Square, which sponsors Delaware statutory trust offerings for Section 1031 exchange and other accredited investors, has been active in the Atlanta-area multifamily market. Last November, the firm sold a Lawrenceville community for $45.8 million and purchased a new development in Acworth for an undisclosed amount. Capital Square also purchased a Lawrenceville asset in April 2021. 

Terms of the transaction, which represents Capital Square’s 15th acquisition of an apartment community in Georgia, were not disclosed. However, the property was purchased on behalf of Capital Square’s CS1031 Capstone at Banks Crossing Apartments DST fund, which is targeting $32 million in equity from accredited investors. The fund requires a minimum investment of $50,000.

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