Capital Square 1031 Buys Mixed-Use Multifamily Property in Jacksonville for DST Offering
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased a 10-story, luxury, mixed-use, Class A multifamily property in Jacksonville, Florida.
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased a 10-story, luxury, mixed-use, Class A multifamily property in Jacksonville, Florida.
The community was purchased on behalf of CS1031 Vista Brooklyn Apartments DST, a private placement offering that seeks to raise $63.7 million in equity from accredited investors and has a minimum investment of $50,000.
Located at 200 Riverside Ave., Vista Brooklyn includes 308 units and 12,685 square feet of ground-floor retail space. Completed in 2021, the community is one mile from downtown Jacksonville on the banks of the St. Johns River within the Brooklyn/Riverside submarket.
“Vista Brooklyn Apartments is an excellent acquisition for Capital Square’s 1031/DST program,” said Louis Rogers, founder and chief executive officer of Capital Square. “Jacksonville is ranked number one in Florida for multifamily rent growth, with 17.4 percent year-over-year rent growth during the second quarter of 2021. It is hard to imagine a better market for stable income and capital appreciation.”
The community is comprised of one-, two- and three-bedroom units, as well as a rooftop beer garden, a rooftop pool deck with a heated saltwater pool and outdoor grills, co-working and meeting spaces, a top-floor clubroom with a gaming area, and a coffee bar. Additional amenities include a bicycle storage room, a meditation room, a fitness center, a spin suite with on-demand workout classes, a dog park, and a pet grooming room.
Earlier this week, The DI Wire reported that Capital Square purchased another DST property, Villas at Ridgeview Falls, a Class A, 237-unit multifamily community near Kansas City.
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 $4.2 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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