AUGUSTA, GA - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Lakeside on Riverwatch Apartments, a 200-unit garden-style multifamily community in the Augusta suburb of Martinez, Georgia.
"Lakeside on Riverwatch is located in an exceptional area, near the town ranked as the best place to live in the U.S. and the fourth fastest growing county in Georgia between 2010 to 2020," said Louis Rogers, founder and co-chief executive officer of Capital Square. "This is Capital Square's sixty-second acquisition of a multifamily community for the DST/1031 program. Capital Square is bullish on multifamily investments like Lakeside on Riverwatch because they have the potential to provide both stable cash flow and appreciation for investors."
Located at 4300 River Watch Parkway, the 19.28-acre property offers one-, two- and three-bedroom units averaging 1,109 square feet. The seller recently completed renovations on 95% of the apartment homes, which included the addition of new black or stainless-steel kitchen appliances, resurfaced countertops, faux wood vinyl flooring, kitchen backsplashes and updated lighting fixtures. Community amenities include a recently renovated clubhouse and fitness center, a swimming pool with a sundeck, grilling area, package delivery room, and a dog park featuring an agility course and washing station. The property is ideally located on Interstate 20 between Atlanta and Columbia, with easy access to Interstates 95 and 77.
Multiple retail outlets, including Publix, Kroger, Target and Walmart, are located within two miles of the property along Washington Road, a major local thoroughfare. Evans Towne Center Park, which features a splash pad, paved track, and playground, as well the Columbia County Performing Arts Center, are also within two miles of Lakeside at Riverwatch Apartments. Riverside Park, where residents can access the Savannah River and enjoy boating, fishing and other water-related activities, is just five miles from the property.
Augusta is home to several large economic sectors, including advanced manufacturing, aerospace, chemical manufacturing, food manufacturing, customer service, cybersecurity, data centers and logistic centers. The city features 12 hospitals, two biotechnology business incubators, several life sciences companies, and the University System of Georgia's premier medical university with an aligned clinical treatment and teaching facility. The medical industry is estimated to contribute approximately $10 billion annually to Augusta's economy, which has the highest concentration of healthcare services in the Southeast and is widely recognized as a "healthcare destination."4 Top employers in the area include EZGO Textron, Richmond County School System, Graphic Packaging, Ferrara USA, Fort Gordon/Cyber Center of Excellence, and the U.S. National Security Agency - Augusta.
"Lakeside on Riverwatch is an exceptional multifamily community that has been recently renovated and is located amidst a scenic part of the Savannah River basin," said Whitson Huffman, co-chief executive officer. "The Greater Augusta economy continues to thrive, providing an abundance of quality job opportunities for its residents."