Capital Square 1031 has acquired a three-property Southeast multifamily portfolio with help from $69.9 million in financing arranged by Walker & Dunlop Inc.
The acquisition loan was arranged by Walker & Dunlop’s Andrew Tapley and Alexandra Huffman, who facilitated two loans in less than 14 days through Fannie Mae.
“The team at Walker & Dunlop provides a seamless approach to loan underwriting,” Louis Rogers, Capital Square 1031’s founder & CEO, said. “They are fast, efficient, and practical. We are all on the same page and are able to close loans in a timely manner.”
The properties in the sale consisted of Ivy Commons Apartments in Atlanta, Georgia; and Axis 147 and Mayton Transfer Lofts, both located in the Richmond, Va. metropolitan area.
“We were pleased to partner with Capital Square 1031 to provide financing on yet another great group of investment properties,” Huffman said. “Since the beginning of our relationship in 2016, we’ve witnessed meaningful growth both in the Capital Square portfolio and in the broader multifamily landscape—all thanks to favorable economic conditions, job growth, and rising population in many markets.”
Capital Square 1031’s New Trio
Located at 250 E. Bank St., in historic Old Towne Petersburg, Va., Mayton Transfer Lofts consists of 225 units featuring high ceilings, hardwood or concrete floors, and original beams from when it was built as an industrial asset in 1911. The property was renovated during a five-year period that started in 2007 to turn it into apartments.
The 296-unit Axis 147 is located at 1701 Irondale Road in North Chesterfield, Va., and offers one-, two-, and three-bedroom units. Originally built in 1974, the two-story property was renovated in 2017. Amenities include a pool, a sundeck and a playground.
Located at 3555 Austell Road SW, in Marietta, Ga., Ivy Commons Apartments offers one-, two- and three-bedroom units, all with high ceilings, mirrored walls, hardwood floors and a balcony or patio area. Community amenities include a playground, a pool and a complementary coffee bar.
All three properties are close to highly regarded schools, shopping centers, dining options, entertainment venues, and public transportation.
Earlier this month, Walker & Dunlop represented the seller in the sale of Azure on the Park, a Class A, luxury high-rise apartment community in Atlanta, that was acquired by American Realty Advisors.