Capstone Closes $26.97 Million Sale of Two Apartment Assets in Growing Georgia Markets

AUGUSTA AND ATLANTA, GA—Capstone Apartment Partners has closed the $26,970,000 sale of two Georgia apartment assets totaling 254 units: Fairway Village in Augusta, Georgia and Westbury Springs in Lilburn, Georgia—just outside of Atlanta.

The Capstone Apartment Partners transaction team was led by Alex McDermott, Austin Green, Sean Henry, and Tyler Hogan.

Jorjew, LLC purchased Fairway Village for $5.72 million from MACC Ventures. JorJew plans to perform renovations to the units and community amenities. The asset was built in 1967 and features 104 one- and two-bedroom apartment homes in 26 all-brick apartment buildings. The community’s amenities include a swimming pool, community room, and laundry facilities. Each apartment home includes a fully equipped kitchen, ceiling fans, a patio or balcony, and washer/dryer connections. Select renovated units feature wood-style flooring, white cabinetry, granite-style countertops, and upgraded lighting and plumbing features. Fairway Village was approximately 92% occupied at the time of closing.

Indianapolis-based Pedcor Companies purchased Westbury Springs for $21.25 million from Southwood Realty. The asset, which Pedcor has rebranded as The Timbers, was built in 1983 and features 150 one-, two- and three-bedroom apartment homes with fully equipped kitchens, ceiling fans, walk-in closets, washer/dryer connections, and a patio or balcony. Select units also feature a wood burning fireplace. The community’s amenity package includes a swimming pool and sundeck, laundry facilities, playground, and clubhouse. Westbury Springs was approximately 99% occupied at the time of closing. This is the second recent transaction that Capstone has brokered between the two parties. In late February, Pedcor purchased The Landings from Southwood in Gastonia, NC—just outside of Charlotte.

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