Capital Square 1031 Buys Virginia Multifamily Community for DST Offering
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Streets of Greenbrier.
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Streets of Greenbrier, a 280-unit multifamily community in Chesapeake, Virginia, a city in the Hampton Roads region.
The property was purchased for CS1031 Streets of Greenbrier Apartments DST, a Regulation D private placement that seeks to raise $35.5 million in equity from accredited investors and has a minimum investment of $50,000.
“Chesapeake is part of Virginia’s Hampton Roads region, which includes the neighboring cities of Norfolk, Virginia Beach, Portsmouth, Suffolk, Hampton and Newport News,” said Louis Rogers, founder and chief executive officer of Capital Square. “Together, these cities complete a dynamic MSA of nearly 1.8 million people, with a large and growing millennial population.”
Streets of Greenbrier was constructed in 2013 on nearly 14 acres of land. The community consists of nine residential buildings and includes studio, one-, two- and three-bedroom units ranging in size from 516 square feet to 1,286 square feet.
Community amenities include pocket parks with covered swings and grilling stations, a sun deck with Wi-Fi access, a swimming pool, 24-hour fitness center, poolside grilling area, an outdoor poolside fireplace and TV, as well as a fireplace lounge. Additional amenities include a billiards area, dog park, picnic area near a pond, a free car wash/car vacuum station, valet waste service and onsite recycling.
Rogers added, “Capital Square is bullish on our home state of Virginia, which has a booming economy, increasing employment base and growing need for quality housing. Forbes recently ranked Virginia as the fourth best state for business. Amazon is a recent illustration, bringing 25,000 jobs to the state with its $2.5 billion HQ2 development.”
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 $2.7 billion in transaction volume. Capital Square’s related entities provide a range of services, including 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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