Capital Square 1031 has acquired Lawrenceville, Georgia-based Fairway View Apartments, a 243-unit multifamily community. No financial terms were disclosed.
ATLANTA, Sept. 28, 2017 /PRNewswire/ — Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, announced today its acquisition of Fairway View Apartments, a 243-unit multifamily community adjacent to the Northwood Country Club golf course in Georgia’s Gwinnett County, a suburb of Atlanta.
Situated on 20.36 acres, Fairway View Apartments is located at 3345 Fairway Oaks Drive in Lawrenceville, and is comprised of 26 two- and three-story residential buildings, as well as standalone clubhouse/office, laundry and maintenance buildings. The property’s one-, two-, three- and four-bedroom units average 1,089 square feet. Fairway View Apartments was 95 percent occupied at the time of acquisition.
“Fairway View Apartments is well located, near local businesses and major retail services in the Atlanta area,” said Seth Harris, executive vice president of investments. “Approximately 40 percent of the property’s units are townhomes, which is a desirable floor plan for many families. Also, the property is located in an excellent school district with top-rated public schools that have been recognized for high academic achievement.”
Louis Rogers, founder and chief executive officer of Capital Square 1031 added, “Fairway View Apartments is projected to generate stable cash flow and the potential for capital appreciation. This is desirable for many Section 1031 exchange investors who are seeking growth of income and capital appreciation in their replacement property.”
Community amenities include golf course views, a coffee and tea bar, playground, sports court, swimming pool, grill/picnic area, pet walk and care stations, outdoor amenity area, laundry facility and more.
Gwinnett County is one of the 100 fastest growing counties in the United States, according to the U.S. Census Bureau’s 2015 American Community Survey. The county experienced and 8.2 percent growth in population between 2010 and 2016.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors institutional-quality 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. As of September 26, 2017, the firm oversees a growing national portfolio of 59 real estate assets valued at approximately $630 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.