Capital Square 1031 Buys Fifth Multifamily Property in Chattanooga for DST Portfolio
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased One Riverside, a 280-unit multifamily property in Chattanooga, Tennessee.
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased One Riverside, a 280-unit multifamily property in Chattanooga, Tennessee.
The community was acquired on behalf of CS1031 One Riverside Apartments DST, a private placement offering that seeks to raise $45.34 million in equity from accredited investors and has a minimum investment of $50,000.
“Chattanooga is a gem of a city with the feel of Austin or Nashville before they took off,” said Louis Rogers, founder and chief executive officer of Capital Square. “The combination of natural beauty and economic opportunity is unrivaled in the region.”
Completed in 2020, the 280-unit property includes one- and two-bedroom units situated on nearly 18 acres of land.
One Riverside is located approximately two miles from downtown Chattanooga and nearby attractions include the Tennessee Riverwalk, a 16-mile hike-and-bike trail that connects the property to downtown Chattanooga, the Walnut Street Pedestrian Bridge, the Tennessee Aquarium and Hunter Museum of American Art.
“One Riverside is ideally located in the Chattanooga East submarket, providing residents with convenient access to numerous employers and community points of interest,” said Whitson Huffman, chief strategy and investment officer. “The property’s submarket has high barriers to entry with only one other property under construction within a three-mile radius.”
Amenities at the gated community include a clubhouse with resident lounges, a gaming area, clubhouse kitchen, business center, coffee bar and meeting rooms. Additional amenities include a fitness center, a yoga studio, outdoor grilling stations, package delivery lockers, a saltwater pool, a pet spa, kayak storage and an outdoor covered patio with fireplace.
This is Capital Square’s fifth acquisition of a multifamily community in Chattanooga.
Capital Square specializes 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 $3.6 billion in transaction volume. Capital Square’s related entities provide due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors.
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