ATHENS, GA - Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, announced its acquisition of High Ridge Apartments, a 160-unit multifamily community in Athens, Georgia.
Located at 700 Mitchell Bridge Road, High Ridge Apartments is situated on 17.99 acres of land. The community is comprised of 11 two- and three-story residential apartment buildings consisting of one-two- and three-bedroom units, with an average size of 1,228 square feet.
High Ridge Apartments is Capital Square 1031's 41st DST offering for investors who desire a quality replacement property for their Section 1031 exchanges.
"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. Multifamily properties that generate stable cash flow have become the most popular asset class for DST offerings," said Louis Rogers, founder and chief executive officer of Capital Square 1031.
"With limited new construction in the past 10 years, an occupancy rate of 95 percent and a rental growth of nearly 5 percent, Athens is an exceptional multifamily rental market," Rogers added. "High Ridge aligns perfectly with Capital Square 1031's 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."
The property was acquired with a 10-year term loan from Fannie Mae, same as prior Capital Square 1031 acquisitions. The property qualified for Fannie's Green Financing Program, resulting in lower utility bills and a reduced interest rate for making energy-saving expenditures.
The community has a complete amenity package, including a clubhouse, fitness center, grilling area, lighted tennis court, playground and a swimming pool, as well as onsite management and maintenance. Individual unit amenities include custom cabinetry, energy efficient appliances, a private balcony or patio and walk-in closets. High Ridge Apartments is centrally located near Georgia State Route 10 Loop, U.S. Route 78 and U.S. Route 129, and is near entertainment, shopping and dining options. The property is within a 15-minute drive of Athens' top employers, including a new Caterpillar facility that recently added 1,500 new jobs near the property.
"The property is in excellent condition. The seller made substantial capital improvements since 2013," Rogers said.
The Athens area is home to the University of Georgia, which currently has more than 36,000 students, the University of Georgia – August University Medical Partnership, and Athens Technical College. According to Reis.com, the local multifamily market experienced the highest average asking rents on record in 2017. Among its accolades, Athens made Forbes' 'Best Places to Retire in 2017' list and National Geographic Traveler's 'Best Trips 2017' list, and USA Today Sportsranked the city second on its 'Best College Football Towns in America' list.