ATLANTA, GA – Joint Venture Partner PointOne Holdings, Batson-Cook Development Company and The Novare Group has sold the Newnan Crossing Promenade, a 298-unit residential complex consisting of three-story buildings, mansion-style rental apartments and rented townhouses, covering approximately 15 acres in Newnan, Georgia.
The multi-family community was sold to Hauptplatz 1031, A leading sponsor of Delaware legal escrow 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 provides property residents with a truly walk-in, interconnected community that is an exciting mix of retail, office -, restaurant and living space. The LINC, a 40 km multi-purpose pedestrian walkway that connects Newnan's entertainment and commercial centers, runs adjacent to the apartment community.
With a working-age population of more than 3.7 million people within a 45-minute drive, the boardwalk at Newnan Crossing is a well-located multi-family project by an experienced team. The site provides direct access to the interstate corridor as well as convenient access to healthcare workplaces, including the 360,000 square foot Piedmont Newnan Hospital and the Cancer Treatment Centers of America.
"We are very proud to have come full circle with this development," said Ben Colonomos. Managing Partner of PointOne Holdings. “The joint venture partnership with the help of RAM partner exceeded its operational targets throughout the rental period despite the limitations set by Covid-19. "
"The boardwalk at Newnan Crossing Apartments is another example of a successful execution by PointOne Holdings, following our strategy of selling our older vintage value-added properties and focusing on developing well-located Class A garden-style apartment buildings in key market suburbs ", he said to Leo Peicher, PointOne Holdings Executive Partner.
"The Novare Group would like to thank our partners PointOne Holdings and Batson-Cook Development Company for supporting this project and the City of Newnan for giving us the opportunity to further develop it," said Jim Borders, President and CEO of Novare Group. "This has been a successful project for our joint venture and company, and it is a residential community that will serve Newnan and Coweta Counties well for generations."
The property was marketed and sold by David Gutting from Newmark Knight Frank. "Because of the great location, high barriers to entry and overall development that combined a differentiated site plan and unique architecture, the Promenade was one of the most successful rentals I have seen in Atlanta," said David Gutting, vice chairman of Newmark Knight Frank Multifamily Investment Sales.
The community was designed by Humphreys and Partners Architects, L. P. and Kimley-Horn and Associates, Inc., civil engineers, and built by Hathaway Construction Services, Inc. The construction lender for the project was NXT Capital.