Skip to main content
A1 A1
News
Banks Crossing apartment complex sold to investors

The new apartment complex at Banks Crossing has been sold to an investment firm that manages apartments around the country. 

 Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, has bought the Class A, 234-unit luxury multifamily community in Commerce. The community was acquired on behalf of CS1031 Capstone at Banks Crossing Apartments, DST.

"Capstone at Banks Crossing Apartments is Capital Square's fifteenth acquisition of an apartment community in Georgia, creating management efficiencies and economies of scale," said Louis Rogers, founder and chief executive officer of Capital Square. "Capital Square is bullish on Metro Atlanta because the economy is growing rapidly and creating jobs. The population of the Atlanta metropolitan statistical area increased 15.2% between 2010 and 2020, and Commerce, along with nearby areas, has become an important industrial hub for the growing region."

Capstone at Banks Crossing was recently completed in 2021. Situated in Banks County, on 15.6 acres of land, the community was 97.8% leased as of December 2021.

The community offers one-, two- and three-bedroom units with high-end finishes, including granite kitchen and bathroom countertops, stainless steel appliances and more.

Amenities at the community include a swimming pool with tanning ledge, clubhouse with resident lounges and a kitchen, business center, coffee bar and conference room. Additional features include a fitness center with digital on-demand classes, outdoor grilling stations, package delivery lockers, dog park and pet spa, fire pit and storage units available to rent.

"Capstone is an exceptional addition to the Capital Square portfolio," said Whitson Huffman, chief strategy and investment officer. "The property is newly built and caters to higher-end renters in an economically thriving part of Georgia. Expanding employment centers in the region will drive continued population and employment growth, which should lead to even greater demand for quality housing options, such as those provided by Capstone at Banks Crossing Apartments."

CS1031 Capstone at Banks Crossing Apartments, DST seeks to raise $32 million in equity from accredited investors and has a minimum investment requirement of $50,000.

Since its founding in 2012, Capital Square has acquired 146 real estate assets for over 3,800 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.

Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $4.2 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments.


Banks
Homer code enforcement officer clarifies status of Chimney Oaks building

The debate continues between Homer leaders and developers at the Chimney Oaks who are in the midst of adding a building that started out as a pro shop and fitness center and has since evolved into a Pro Shop, a Club House with two apartments and eight rentable rooms on the third floor.

During a city council work session last week, Jayme Ingraham of Honor Code, who has been hired by the city to handle code enforcement, explained the problems with the plans that have been submitted so far.

“Until we have professionally drawn plans, they can’t move forward,” she said. "Progress plans are for review and comment; they are not for construction."

It was noted that builders have been able to add siding and put in a sprinkler system.

Chimney Oaks reps did submit a more detailed plan, but Ingraham says she needs more.

In an email sent to Chimney Oaks developers, Ingraham writes, “The plans I received today are incomplete. The plans need to include plumbing, electrical, HVAC, electrical riser, life safety, sprinkler, and alarm wiring plans. The architectural drawings that I received are only part.”

Chimney Oaks representatives say the plan was already approved by retired building inspector Phil Grouper. Ingraham has enlisted Grouper’s guidance since concerning this matter, and she addressed this in the email.

“What was originally approved was only for the foundation with the understanding that a full set of plans were going to be submitted for review,” Ingraham continued. “These must be full sized construction drawings. They cannot be progress drawings.”

The recently submitted plans she does have show the first floor as storage for golf carts, the second floor as a commons area, and the third floor with two apartments on each end, and eight hotel rooms with a full kitchen in the commons area.

“What we see here is three different types of occupancy,” she said. “When Grouper saw the latest plans, he said, ‘What’s this?’”

Ingraham confirmed that Grouper said he never approved anything but plans for the foundation which were submitted on December 4, 2020. Again, developers have submitted another set of drawings, but they are still incomplete, so the work on the project is limited.


Banks
113 new cases of COVID-19 reported in past week

There have been 113 new cases of COVID-19 reported in the past week, according to the report from the Georgia Department of Public Health.

The total number of cases of the virus reported in Banks County since March 2020 is 2,794 — up from 2,681 reported for the same period last week.

According to the department of health, there has been a significant increase of cases reported in District 2, which includes Banks County, in the past two weeks.

"Some being the highest speak since the start of COVID-19," officials report. "Please wear a mask, stay home if you are sick, social distance and wash your hands."

In Banks County, 67 people (up two from last week as last week) have died from COVID-19 and 299 (up three from last week) have been hospitalized.

In Banks County, 31 percent of the citizens, 5,856 people, have been fully vaccinated. There have been 6,432 people who have received one of the COVID-19 shots.


HOMER COUNCIL


Banks County Probate Judge Helen Hewell administered the oath of office to Homer Mayor Doug Cheek (center) along with council members (L-R) Sandra Garrison, James Dumas, Jerry Payne and Cliff Hill. Councilmember David Dunson is not pictured.


Madison Adams goes in for a block for the defense in the recent game against Walnut Grove, which the Lady Leopards won with a score of 43-39. Adams scored 8 points.


Banks
Lula leaders look to correct zoning issues

The Lula City Council is planning to correct zoning issues dating back to the 1950s. City Manager Dennis Bergin told the council at a meeting Monday night that there are 166 properties in the city that are incorrectly zoned.

There are residential areas that are zoned agricultural; there are commercial areas that are zoned residential. Bergin said city hall employees get calls almost daily from realtors and bankers who have questions about these issues especially when a property owner looks to sell. Bergin emphasized that the city does not plan to make property owners rezone.

In other zoning issues, Bergin advised the mayor and council that “The Cottages,” another proposed development by Norton Development, has submitted the plat for a 19-unit development on 4.3 acres off Athens Street. In 2021 Norton proposed a development, but after public opposition withdrew that plan. During those negotiations, the council came up with a compliance list for the development, and Bergin told the council they have met these stipulations during the planning stage of the newest development.

The council also heard from John Mancin and Bill Turk of Hudson River Trading Company. The partners have asked for a variance for a proposed warehouse building located in the 365-Overlay District which requires brick and stucco on four sides of structures in the Mountain View Development. Mancin explained the company is asking that the back side of the building, where the trucks load out, have metal siding. He presented photographs and noted that side of the building could not be seen from 365. He explained this variance would save $45,000 to $50,000. The council should take action on this matter at the regular council meeting next week.

Bergin also advised the council of a proposed annexation and rezoning that could take place on a 30.37 parcel of land located on 7th and Lewallen Streets. Cook Communities has requested a zoning change from Agricultural to Planned Residential Development. Presently, this is in the hands of Hall County leaders who have yet to respond.

OTHER BUSINESS

In other business the city council:

•discussed a variance request at 5277 and 5381 Old Cornelia Hwy. Developers are asking for a 50-foot setback for two duplexes instead of the required 100-foot setback.

•discussed a proposed ordinance concerning Urban Camper/Homeless Issues.

•heard a report and a request from Doug Forrester who is the Code Enforcement Officer. He said for the last week of December he had three new cases, closed four cases, and has a total of 23 active cases on file at that time. He also has ten cases on the court docket. Forrester also asked the council to consider purchasing a body cam for him.

•appointed Matt Hamby as the Mayor Pro-Tem.

•heard from Mayor Joe Thomas concerning trains blocking the city tracks for an extended amount of time. He said there are signs at the tracks with a number to call if the train blocks the tracks for an hour or longer.

•discussed attending a Local Option Sales Tax class sponsored by the Georgia Municipal Association.

•proposed to schedule a work session to discuss a request by S&S Septic Hauling for the city to receive septic for treatment.


Back