Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Canopy at Ginter Park, a 301-unit multifamily community in Richmond, Virginia.
The property was acquired for CS1031 Canopy at Ginter Park Apartments DST, a Regulation D private placement offering that seeks to raise $39 million in equity from accredited investors and has a minimum investment of $50,000.
“In spite of the global pandemic, 2020 was a record year for acquisitions, dispositions, new hires, and overall profitability,” said Louis Rogers, founder and chief executive officer of Capital Square. “When the pandemic hit and the real estate market softened a bit, Capital Square worked double time to purchase best-in-class real estate for the DST/1031 program. Canopy at Ginter Park Apartments is another brand new, Class A apartment community in an iconic Richmond, Virginia neighborhood, near the firm’s headquarters.”
Located at 3200 Brook Road, the community is situated on approximately 15 acres of land. Constructed in 2019, Canopy at Ginter Park includes 19 buildings with up to three stories each. The community includes one-, two- and three-bedroom units.
Amenities at Canopy at Ginter Park include a saltwater swimming pool; a clubroom with multiple TVs and a sitting area; a clubhouse with an entertainment kitchen; an outdoor pool table and access-controlled buildings. Additional amenities include bike storage; courtyards; a pet spa; 24/7 contactless package pickup and a 24-hour fitness center.
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, the firm has completed more than $2.6 billion in transaction volume.