Capital Square has added a recently renovated garden-style community to its Georgia multifamily portfolio. The firm acquired Lakeside on Riverwatch Apartments on behalf of CS1031 Lakeside on Riverwatch Apartments, DST for an undisclosed price.
Seth Harris, executive vice president of investments at Capital Square, told Multi-Housing News that the seller was McDowell Properties, which was represented by Berkadia’s Paul Vetter. Capital Square is looking to raise $26.8 million in equity from accredited investors for the property and has a minimum investment requirement of $50,000.
The 200-unit Lakeside on Riverwatch offers one-, two- and three-bedroom units that average 1,109 square feet. The units were recently updated and now offer black or stainless steel kitchen appliances, resurfaced countertops, faux wood vinyl flooring, kitchen backsplashes and updated light fixtures. The community’s amenities include a renovated clubhouse and fitness center, swimming pool, dog park, package delivery room and grilling area. The community is 94 percent occupied, Harris told MHN.
Located at 4300 River Watch Parkway in the Martinez suburb of Augusta, Ga, the property is a few miles from Interstate 20, which connects residents to both Columbia and Atlanta. The community is also 10 miles from the area’s largest employer, Fort Gordon, a 56,000-acre installation for the U.S. Army.
Finishing up renovations
Harris told MHN that Capital Square is planning to update some of the landscaping and amenities at Lakeside on Riverwatch. McDowell Properties had recently renovated 95 percent of the units, but the new ownership is looking to complete additional enhancements in the apartments, Harris told MHN.
“There has been very little new multifamily development in Columbia County, where the property is located, and there aren’t any new luxury communities near the intersection of River Watch Parkway and Washington Road where Lakeside at Riverwatch is located,” Harris told MHN. “We believe the demand for apartments at our community should be strong.”
Louis Rogers, founder & co-CEO of Capital Square, said in prepared remarks that Lakeside on Riverwatch marks the firm’s 62nd acquisition of a community for the DST/1031 program. The firm previously purchased a 304-unit community in Houston, similarly for the same program.