Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Integra Vistas, a Class A, 280-unit multifamily community in the Hixson submarket of Chattanooga, Tennessee.
The property was acquired for CS1031 Integra Vistas Apartments DST, a Regulation D private placement that seeks to raise $27 million in equity from accredited investors and has a minimum investment of $50,000.
Integra Vistas was constructed in 2018 on approximately 20 acres of land and is comprised of one-, two- and three-bedroom units ranging in size from approximately 766 square feet to 1,278 square feet.
Citing Yardi Matrix data, Capital Square’s founder and chief executive officer, Louis Rogers, said that the “affluent” Hixson submarket has an average projected occupancy rate of 98.3 percent and projected rent growth of 4.9 percent over the next five years.
Community amenities include a swimming pool with sundeck; an outdoor pavilion with a kitchen, flat screen TV and fireplace; and a resident clubhouse with an entertainment, game and poker room. Additional amenities include a fitness center, pet park, resident package receiving lockers, and walking trails.
“The community’s location offers residents convenient access to Chattanooga’s two main employment centers; Enterprise Industrial Park, home to Amazon and Volkswagen plants and Downtown Chattanooga, home to BlueCross BlueShield Headquarters and more than 60,000 jobs,” said Whitson Huffman, chief strategy and investment officer.
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 $3 billion in transaction volume. The company’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.