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-tale 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 well loved 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 bought 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 brilliant 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.

Powered by WPeMatico

SOUTHPORT, CT – Maplewood Senior Living, a leading provider of luxury senior living residences, held the ground break for its newest Connecticut community, Maplewood at Southport. Fairfield First Selectman Mark Tetreau and Director of Economic Development Mark Barnhart along with the development team attended the groundbreaking ceremony at the future site of Maplewood at Southport.

“As a Westport, CT based company, developing in Southport has long been a dream of ours, and we are thrilled to start construction on our latest residence in Connecticut.  Our development in Southport demonstrates the commitment we have to continue to invest in and engage with the Greater Fairfield community and local area seniors and their families. Maplewood Senior Living is known for its unmatched design and care model standards and we look forward to providing those same exceptional services and amenities for our future Southport residents,” said Gregory D. Smith, President and CEO of Maplewood Senior Living.  

Maplewood is committed to investing locally; for that reason the development team assembled by Maplewood consists of regionally-based companies.  Stein Troost Architecture of Norwalk is the architectural firm designing the building, along with, Milone & McBroom of Cheshire as the landscape architects, Landtech of Westport as the civil engineers and KBE Building Corporation of Farmington as the construction manager. The project will commence immediately and is expected to end in 2019.  

Maplewood at Southport will be a 93,000 sq ft. building surrounded by 10 acres of natural landscape with gorgeous gardens and walking paths for residents to delight in as part of the total 27 acre land trust plot bought by Maplewood to develop. The community will consist of 98 apartments and offer helped living and memory care services for residents while providing a vibrant community with gorgeous amenities and unmatched services. From an open, show dining room featuring farm to-table fare to a luxurious salon and spa, library, a pub and bistro, Maplewood at Southport is committed to remaining the choice provider for Connecticut area seniors. 

Powered by WPeMatico

IRVINE, CA – International award-winning firm KTGY Architecture + Plotting announced the recent opening of the KTGY-designed residential models at South Cove in Dana Point, California. Built by San Diego-based real estate development company Zephyr, this is Dana Point’s first new for-sale residential development to open in decades. South Cove is a unique, barefoot community that exudes laid-back luxury in a highly-coveted coastal setting at the southern gateway of Dana Point.

Located at 34202 Del Obispo Street in Dana Point, the new residential community features a mix of 168 one-, two- and three-tale flats, townhomes and twin homes, 883 – 2,126 square feet. Within a stone’s throw of the Pacific Ocean, South Cove offers immediate access to Dana Point Harbor, Doheny State Beach and some of the best shopping and dining in Southern California. Nestled in one of the last right beach towns in California, South Cove is a rare find residents will treasure.

According to KTGY Principal David Obitz, the design of South Cove is inspired by beach-town influences with a master-plot feel. There are three residential types: single-level living flats (Aliso), tri-level townhomes (Trestles) and twin homes (Strands). The Strands model offers dual master suites, first level California (covered outdoor) rooms and only share one wall with a neighbor. All three residences will have attached garages and come equipped with the latest green technology including pre-wiring for electric vehicles.

Some of the residences will have indoor/outdoor floor plans, balconies, porches, rooftop decks and options for beach rinses and dens. Amenities include a swimming pool with cabanas and common areas throughout the community.

Home prices start from the low $600,000s to mid-$1 million. Ten residences will include live/work space with commercial opportunities on Pacific Coast Highway and 17 of the homes will be offered as affordable housing.

The three products are intermixed in the three distinct districts. “Village” is closest to transit and interacts with shops and restaurants. “Boardwalk” is more linear and opens to views. “Peninsula” fronts the creek and faces Pacific Coast Highway; these units offer the best ocean views. The homes are offered in three architectural styles: Traditional (Spanish) Transitional and Contemporary.

“We are pleased to be offering these designs in response to the tremendous demand for distinctive homes along the coast that fit buyers’ active Southern California lifestyle,” said Obitz. “Many of today’s buyers are looking for high style but they also want low maintenance that supports their active lifestyle. At the ground floor, we made storage spaces for outdoor/beach ‘toys’ such as surfboards, beach cruisers and paddle boards. There are also outdoor living spaces and showers at the ground level.”

Bordering Pacific Coast Highway and the southern edge of South Cove is a new one-acre public park in dedication to the surf legends and the history of Dana Point, the birthplace of the surf industry, noted Obitz. The park will feature life-sized sculptures of local surf legends including a 27-foot sculpture of Hobie Alter, the creator of the foam surfboard, and the history of Dana Point, and will connect to Dana Point’s existing nature and bike trails.

Powered by WPeMatico