Capital Square 1031 has acquired Marietta, Georgia-based Ivy Commons Apartments, a 344-unit, garden-style multifamily community. No financial terms were disclosed.
ATLANTA (July 26, 2018) – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced today its acquisition of Ivy Commons Apartments, a 344-unit, garden-style multifamily community located in the Atlanta suburb of Marietta, Georgia.
“Ivy Commons is well located in Cobb County, offering its residents direct access to some of the largest employment and economic drivers in the area,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property’s strong location within the Atlanta MSA, demographically tailored unit mix and proximity to entertainment and retail destinations positions it as a valuable addition to our national portfolio of assets under management.”
Located at 3555 Austell Road SW, Ivy Commons is comprised of 39 residential buildings and a dual leasing center with clubhouse. The community’s one-, two- and three-bedroom units range in size from 720 square feet to 1,340 square feet. Originally constructed in 1987 on 28.35 acres of land, Ivy Commons has undergone recent upgrades to 236 units. Community amenities include a swimming pool with sundeck, fitness center, business center, two tennis courts, laundry facility, controlled access, playground and a conference room.
Cobb County, the fourth largest county in Georgia, is home to major employers, including Lockheed Martin, Comcast, HD Supply, Aaron’s Inc., Synovus Financial Corporation, and The Home Depot. WellStar Health System, the largest health system in Georgia, operates five health centers in Cobb County. The county is home to the headquarters of five Fortune 500 companies and has the lowest real estate tax rate in the metro Atlanta area. In addition, the property is less than 10 miles from the new 41,000-seat SunTrust Park, home of the Atlanta Braves and The Battery Atlanta, which features 1.5 million square feet of planned mixed-use entertainment retail, office, hotel and residential density, including the new regional corporate headquarters for Comcast.
“Ivy Commons benefits from increased local demand for multifamily from employment growth, infrastructure investments in the area, low real estate tax rate and the many job centers nearby. Additionally, there is the potential to add value through continued improvements to the unrenovated units,” according to Whitson A. Huffman, vice president of acquisitions at Capital Square.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since inception, the firm has overseen a national portfolio of approximately 70 real estate assets valued at approximately $760 million (based on investment cost). In August 2017, Capital Square ranked 485th on the Inc. 5000 list of fastest growing companies, making it the top-ranking Richmond, Virginia-area company, with 925 percent three-year growth. In 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense. To learn more, visit www.CapitalSquare1031.com.