ATLANTA, GA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a new Class A, 234-unit luxury multifamily community in Commerce, Georgia a part of Metro Atlanta. The community was bought on behalf of CS1031 Capstone at Banks Crossing Apartments, DST.
“Capstone at Banks Crossing Apartments is Capital Square’s fifteenth acquisition of an apartment community in Georgia, making management efficiencies and economies of scale,” said Louis Rogers, founder and chief executive officer of Capital Square. “Capital Square is bullish on Metro Atlanta because the economy is growing rapidly and making jobs. The population of the Atlanta metropolitan statistical area increased 15.2% between 2010 and 2020, and Commerce, along with nearby areas, has become an vital industrial hub for the growing region.1”
Located at 288 E. Ridgeway Road, Capstone at Banks Crossing was recently completed in 2021. Situated in Banks County, on 15.6 acres of land, the community was 97.8% leased as of December 2021.
The community offers one-, two- and three-bedroom units with high-end finishes, including granite kitchen and bathroom countertops, stainless steel appliances and more.
Amenities at the community include a swimming pool with tanning ledge, clubhouse with resident lounges and a kitchen, business center, coffee bar and conference room. Additional features include a fitness center with digital on-demand classes, outdoor grilling stations, package delivery lockers, dog park and pet spa, fire pit and storage units available to rent.
Capstone also benefits from vital demand drivers, such as increasing regional employment. Notably, SK Innovation launched construction on the second phase of its $2.6 billion electric battery plant, which will supply about 430,000 electric vehicle batteries per year to Ford and Volkswagen when the factory fully ramps up by the end of 2023.2SK Innovation forecasts that the plant, located approximately two miles from Capstone, could eventually use more than 6,000 workers. The operations also plot to bring thousands of other businesses to the area, including suppliers and retail operations, such as restaurants.
Enchem Ltd., a supplier to SK Innovation, announced it would invest $61.4 million to build two new manufacturing plants in nearby Jackson County, making more than 300 jobs.
Diana Food’s $50 million office and food manufacturing and warehouse facility and German laminate and wood flooring underlay manufacturer Selit’s $45 million plant are less than one mile from the apartment complex. Additionally, GE Appliances’ new distribution center is four miles from Capstone, while Southeast Toyota Distributor’s 350,000-square-foot facility is just six miles away.
Meanwhile, Amazon and Walmart have leased more than one million square feet each in nearby Pendergrass, Georgia, while Toyota Industries Compressor Parts America is expanding its manufacturing facility, also in Pendergrass. These companies, and others, have targeted northeast Georgia as ideal for manufacturing and distribution activities.
“Capstone is an exceptional addition to the Capital Square portfolio,” said Whitson Huffman, chief strategy and investment officer. “The property is newly built and caters to higher-end renters in an economically thriving part of Georgia. Expanding employment centers in the region will drive continued population and employment growth, which should lead to even greater demand for quality housing options, such as those provided by Capstone at Banks Crossing Apartments.”

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ST. PETERSBURG, FL – Denver-based Avanti Residential has bought Artistry, a $92 million luxury 246-unit apartment community in the heart of downtown St. Petersburg, FL. Avanti bought the Class A project from nationwide apartment builder Milhaus Development, who completed the project in 2020 with condominium-quality finishes, resort-like amenities, and 10,000 square feet of retail space catering specifically to apartment tenants.
We are seeing strong fundamentals in several South Florida multifamily markets, where impressive employment growth, notably in the tech sector, has been a excellent leading indicator for apartment demand, said Christian Garner, president and CEO of Avanti Residential.
Artistry is located at 1661 Central Avenue in the downtown core of St. Petersburg, home to a sizable employment center and vibrant entertainment hub with numerous restaurants, bars, and cultural attractions. The project has a high walkability score to area amenities and is two blocks from Tropicana Field, home to the Tampa Bay Rays.
This acquisition is Avanti s third South Florida investment in the past six months, following major buys in Boynton Beach and Doral. Avanti has now invested over $300 million in Florida and has closed on $1.4 billion in apartment transactions nationwide over the past 12 months.
The multifamily sector presents compelling market fundaments, said Jason Wine, director of acquisitions for Avanti Residential. Our investment focus continues to target newer high-quality assets in select high-growth markets where we can leverage Avanti s management experience to achieve attractive risk-adjusted returns, added Wine.
Last week Avanti Residential invested $65 million in the acquisition of Village West apartments, a 306-unit apartment community in the greater Kansas City area, where the firm now owns four properties. Earlier this year Avanti also closed on the 397-unit Forum Fitzsimons, which at $159 million is one of the largest apartment acquisitions in the greater Denver metropolitan area this year.
In terms of its size, quality, and location, Artistry typifies the investments we are interested in making as we grow our multifamily portfolio, added Wine. Our nationwide investment strategy relies on the strong working relationships we maintain with local market real estate professionals.
Newmark s Patrick Dufour and Andrew Visnick represented Milhaus in the sale transaction. Charlie Williams, also with Newmark, arranged the acquisition financing loan through Freddie Mac. The project was fully leased at the time of sale.

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NEWPORT BEACH, CA – A joint venture between Village Partners Ventures of Newport Beach, California and The Bascom Group of Irvine, California has closed on a construction loan and six acre land acquisition for a mixed-use project at 5050 Arrow Highway, Montclair, California.
JLL’s capital markets team in Newport Beach, led by Mark Erland and Matt Benson, secured a $77 million construction loan from Citizens of Providence, Rhode Island for construction of the project. The land buy price was $10 million.
Village Partners principal Don Henry remarked “we are pleased to reach this milestone with Village at Montclair, a transformative project that will be a first in the area, a transit-oriented mixed-use development walkable to Montclair Place and transit. ” His partner, Michael Morris, quipped “this Village will provide housing for more than 600 residents with convenient streetfront retail.”
Designed by New Urbanist design firm Torti Gallas, Village at Montclair, a mixed-use infill redevelopment with 350-units, is a Type V mid-rise project with combination of structured and surface parking, designed as a walkable transit village with housing, ground floor retail, and public spaces including a Village Square and the Station Promenade. The project has a direct pedestrian connection to the Montclair Transit Station and future Metro Goldline. Bascom Principal Jerry Fink shared “while this is our first vertical development with Village Partners, it’s our second investment with their team.” Principal David Kimadded “the Village Partners team sourced this off market deal and guided it through an extensive entitlement effort.”
Village at Montclair is designed to celebrate the inviting Mediterranean climate and San Gabriel Mountain views of Montclair, with elements including a mixture of Spanish and Italian architecture, abundant public space, walkable streetscapes, landscaped courtyards, and a rooftop deck. Warm California Modern interiors by Mannigan Design thoughtfully complement the architecture. Project amenities include pool and spa, co-working suites, clubhouse, parcel lockers, and a state-of-the-art fitness facility.
The project is located within the City’s North Montclair Downtown Specific Plot. The plot covers 200 acres of land surrounding Village at Montclair and sets the standards for the creation of an urban, walkable district surrounding the TransCenter and future Goldline, with up to 2,500 new residential units and commercial space plotted over the next decade. This District and the Project site are adjacent to the prestigious Claremont College consortium. Construction of Village at Montclair will commence in January 2022 by general contractor Johnstone Moyer Inc.

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