Capital Square Buys Kentucky Community

The recently completed project is located in a Louisville suburb.

Lyric in Prospect, Ky. Image courtesy of Capital Square

Capital Square has acquired one of its highest-quality communities in the last decade with its latest acquisition of Lyric at Norton Commons in Prospect, Ky. The firm acquired the 273-unit community from an undisclosed seller, on behalf of CS1031 Lyric at Norton Commons Apartments, DST. According to Yardi Matrix data, the previous owner was Bristol Development Group. Capital Square is looking to raise $68 million in equity from accredited investors with a minimum investment requirement of $50,000.

The Class A+ Lyric at Norton Commons offers one-, two- and three-bed units that average 956 square feet. The units were built with stainless-steel appliances, quartz countertops, in-unit washers and dryers, walk-in closets, and private patios or balconies. The community’s amenities include a fitness center, saltwater pool, resident lounge with a coffee bar, business center, pet spa, meditation space, movie room and multiple outdoor courtyards. Louis Rogers, founder & co-CEO of Capital Square, said in prepared remarks that Lyric at Norton Common is one of the highest-quality properties that the firm has acquired in the past 10 years.

Located at 11210 Peppermint St. in the Louisville suburb of Prospect, the community is roughly 15 miles away from the city and the Kentucky-Indiana border. The Louisville metro is home to a few Fortune 500 companies, including Humana Inc. and Yum! Brands, Inc. and other major employers like UPS, Ford Motor Co. and University of Louisville Health.

The Norton Commons Master Plan

As its name suggests, Lyric at Norton Commons is part of the Norton Commons master-planned community in Prospect. The 600-acre mixed-use community is located in northeastern Jefferson County and includes a 150-acre system of parks, squares, plazas, walking trails, and recreational and civic amenities. The Norton Commons’ town center also has more than 90 businesses including restaurants, retail, and professional services.

Capital Square recently acquired a 200-unit garden-style community in Augusta, Ga., and two communities in Asheville, N.C. totaling 305 units. In total, the firm has acquired 158 real estate assets for more than 6,000 investors looking for replacement properties under the DST/1031 program.

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