MCDONOUGH, GA—Capstone Equity Solutions has arranged the equity financing for Columns at South point: a 260-unit multi-family development in Henry County, Georgia.
The local buyer, ECI Group, purchased the 28-acre land site for $3.75 million. They have partnered with Arizona-based multi-family finance firm Parse Capital to build the $45 million luxury apartment community, which is anticipated to be completed in the first quarter of 2022.
Capstone’s Sean Henry helped secure equity financing for the project. The firm recently announced the inception of their new Equity Solutions service line, which assists clients by sourcing capital for various real estate development projects and investments across Capstone’s entire United States footprint.
“The Capstone Equity Solutions team is thrilled to assist ECI in finding a partnership with Parse Capital to close this exciting new project in such a difficult time,” Henry said.
Columns at South Point is located off McDonough Hampton Road adjacent to South Point shopping center. Future residents will enjoy walkable access to over 700,000 square feet of dining, shopping, and entertainment venues—all while being right off I-75 and within 30 miles of downtown Atlanta. The surface-parked community will feature a swimming pool, clubhouse, community green space, and high-quality apartment finishes.
Despite the COVID-19 pandemic, market fundamentals have been strong in the McDonough area. According to CoStar, Henry County leads the greater Atlanta area with annual rent growth of 7.2%. Additionally, vacancies have been below the averages seen within the Atlanta metro area. McDonough also boasts strong industrial and logistics sectors, with companies like Scott’s Miracle Grow, Tory Burch, Wayfair, Lindt, XPO Logistics, and LG Electronics leasing a significant amount of space in the area. Last month, Purple Innovation announced it would open a new manufacturing plant in McDonough by the end of 2020.