Glen Allen, VA-based Capital Square has sold Ivy Commons Apartments, a 344-unit community in Marietta, GA, for $75.5 million.

The property was owned by a group of Delaware statutory trust, investors who realized approximately 200% total return and 20% internal rate of return from their 1031 exchange investment.

“Approximately $2.7 million was invested for renovations and upgrades to the property, improving residential life and the community as a whole,” said Whitson Huffman, Capital Square co-CEO. “This dramatically increased the value of the property.”

Capital Square acquired the 28.4-acre property, located at 3555 Austell Road SW about 10 miles from Atlanta Braves’ home Truist Park, in July 2018. The community comprises 39 residential buildings and a dual leasing center with a clubhouse. Community amenities include a swimming pool, fitness center, business center, two tennis courts, laundry facility, playground and conference room.

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