JV Sells Atlanta-Area Community for $66M
Promenade at Newnan Crossing comprises a mix of three-story buildings, rental homes and for-rent townhomes.
The joint venture of PointOne Holdings, Batson-Cook Development Co. and Novare Group has sold Promenade at Newnan Crossing, a 298-unit community in Newnan, Ga. Capital Square 1031 acquired the property for $65.8 million.
Humphreys and Partners Architects, along with Kimley-Horn and Associates designed the asset. Hathaway Construction acted as general contractor, while NXT Capital was the construction lender for the project.
The property comprises a mix of three-story buildings, rental homes and for-rent townhomes. Common-area amenities include a swimming pool, fitness center, clubroom and outdoor grilling stations.
Located at 1450 Newnan Crossing Blvd., on 24.3 acres, Promenade is within 4 miles of downtown Newnan. The development is part of a 123-acre mixed-use master project that will comprise retail, office and restaurant space. In addition, the community is within 2 miles of Piedmont Newnan Hospital.
Newmark Knight Frank Vice President David Gutting brokered the transaction. Recently, the brokerage represented the sellers of Marquis at the Parkway, a 460-unit community in Denver. Urban American and Madison International Realty acquired the property for $140 million.