Daily News

Sale: Joint Venture Sells Apartment Community In Georgia For $65.8 Million

October 16, 2020

A joint ventureship has sold Promenade at Newnan Crossing, a 24.3-acre apartment community near Atlanta, Ga.


Where is it happening?

Newnan, Ga.


Who is involved?

Sellers: PointOne Holdings, Batson-Cook Development Company, Novare Group

Buyers: Capital Square 1031


When is it happening?

The property has already been sold.


Why is it important?

This sale represents a continuation of PointOne Holdings’ strategy of selling “older vintage value-add properties and pivoting to develop well located garden-style, class-A, multifamily properties in major market suburbs.” (Leo Peicher, PointOne Holdings Managing Partner, Cision PRWeb).


Key Aspects?

Part of a 123-acre mixed-use master development

25.5-mile multi-use pedestrian pathway

Direct access to 360,000 SF Piedmont Newnan Hospital

45-minute drive to Atlanta

 

Building Specs?

298 residential units

Mix of three-story buildings, “manor-style” rentals, and townhome rentals

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