Capital Square Buys Kentucky Community

Capital Sq. has acquired considered one of its highest-quality communities within the final decade with its newest acquisition of Lyric at Norton Commons in Prospect, Ky. The agency acquired the 273-unit group from an undisclosed vendor, on behalf of CS1031 Lyric at Norton Commons Flats, DST. In line with Yardi Matrix information, the earlier proprietor was Bristol Growth Group. Capital Sq. is trying to increase $68 million in fairness from accredited buyers with a minimal funding requirement of $50,000.

The Class A+ Lyric at Norton Commons presents one-, two- and three-bed items that common 956 sq. toes. The items have been constructed with stainless-steel home equipment, quartz counter tops, in-unit washers and dryers, walk-in closets, and personal patios or balconies. The group’s facilities embrace a health heart, saltwater pool, resident lounge with a espresso bar, enterprise heart, pet spa, meditation area, film room and a number of out of doors courtyards. Louis Rogers, founder & co-CEO of Capital Sq., mentioned in ready remarks that Lyric at Norton Widespread is among the highest-quality properties that the agency has acquired up to now 10 years.

Situated at 11210 Peppermint St. within the Louisville suburb of Prospect, the group is roughly 15 miles away from the town and the Kentucky-Indiana border. The Louisville metro is dwelling to some Fortune 500 corporations, together with Humana Inc. and Yum! Manufacturers, Inc. and different main employers like UPS, Ford Motor Co. and College of Louisville Well being.

The Norton Commons Grasp Plan

As its title suggests, Lyric at Norton Commons is a part of the Norton Commons master-planned group in Prospect. The 600-acre mixed-use group is situated in northeastern Jefferson County and features a 150-acre system of parks, squares, plazas, strolling trails, and leisure and civic facilities. The Norton Commons’ city heart additionally has greater than 90 companies together with eating places, retail, {and professional} companies.

Capital Sq. just lately acquired a 200-unit garden-style group in Augusta, Ga., and two communities in Asheville, N.C. totaling 305 items. In whole, the agency has acquired 158 actual property property for greater than 6,000 buyers in search of alternative properties below the DST/1031 program.