Joint venture partners PointOne Holdings, Batson-Cook Development Co. and Novare Group have sold Promenade at Newnan Crossing, a 298-unit apartment community with a mix of three-story buildings, “manor-style” rental homes and for-rent townhomes on approximately 24.3 acres in Newnan, Ga.
The multifamily community was sold to Capital Square 1031, a sponsor of Delaware statutory trust offerings for Section 1031 exchange and other accredited investors.
The development, which sold for $65.8 million, is part of a 123-acre mixed-use master development that will provide the property’s residents with a walkable, interconnected community containing a mix of retail, office, restaurant and residential space. The LINC, a 25.5-mile multi-use pedestrian pathway connecting the entertainment and commerce hubs of Newnan, runs adjacent to the apartment community.
With a working-age population of more than 3.7 million people within a 45-minute drive, Promenade at Newnan Cross
