Capital Square 1031 Acquires GA Asset
High Ridge Apartments, a 160-unit community in Athens, includes 11 two- and three-story residential buildings. The property was acquired using a 10-year term Fannie Mae loan.
By Jeffrey Steele
Virginia-based real estate investment and management firm Capital Square 1031 has acquired the 160-unit multifamily community High Ridge Apartments in Athens, Ga.
Set on 18 acres at 700 Mitchell Bridge Road, High Ridge Apartments encompasses 11 two- and three-story residential buildings featuring one-, two- and three-bedroom apartments.
Units measure an average of 1,228 square feet. This is the 41st DST offering by Capital Square 1031, a firm specializing in Delaware statutory trust investments for investors seeking a quality replacement property for their Section 1031 exchanges.
As in previous Capital Square 1031 acquisitions, the property was acquired using a 10-year term Fannie Mae loan. It qualified for Fannie Mae’s Green Financing program, resulting in lower utility bills and a reduced interest rate for making energy saving expenditures.
High Ridge Apartments features a full amenity package. It includes a clubhouse, fitness center, grilling area, lighted tennis court, playground and swimming pool. The community features on-site management and maintenance. Unit finishes and features include custom cabinetry, energy-efficient appliances, private balcony or patio and walk-in closets.
“The DST industry is growing at a rapid pace as the baby boomers and others seek a passive, investment-grade replacement property for their 1031 exchanges,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Multifamily properties that generate stable cash flow have become the most popular asset class for DST offerings.
“With limited new construction in the past 10 years, an occupancy rate of 95 percent and a rental growth of nearly five percent, Athens is an exceptional multifamily rental market. High Ridge aligns perfectly with Capital Square’s 1031 strategy of acquiring institutional-quality assets in favorable markets with strong multifamily fundamentals that translate to stability and long-term growth for Capital Square’s growing number of investors.”
High Ridge is close to retailers, restaurants and entertainment. It is located near Georgia State Rt. 10 Loop, U.S. Route 78 and U.S. Route 129, for convenient access to Athens’ leading job centers, including a new Caterpillar facility that recently added 1,500 new jobs.
Recent award winner
The Athens area is the home of the 36,000-student University of Georgia. Also located in the area is the University of Georgia – August University Medical Partnership, and Athens Technical College. The local multifamily market saw its highest average asking rents ever in 2017, according to Reis.com.
Athens has also recently won several awards. Among them was a place on Forbes‘ “Best Places to Retire in 2017” list, and National Geographic Traveler‘s “Best Trips 2017” list. It was runner-up on the “Best College Football Towns in America” list of USA Today Sports.