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Capital Square 1031 Completes DST 1031 Exchange Offering of San Antonio Multifamily Property

Capital Square 1031, a sponsor of replacement property for Section 1031 exchanges, announced that its Delaware statutory trust offering, CS1031 Canopy Apartments DST, has been fully subscribed by investors. The offering is comprised of The Canopy, a 220-unit multi-family community in the north central submarket of San Antonio, Texas.

Approximately 97 percent leased, The Canopy includes 13 two- and three-story residential buildings, as well as a clubhouse with fitness and business centers—all situated on 8.6 acres of land. The property is surrounded by a concentration of medical services and employment centers, including Valero Services, USAA Insurance, the University of Texas, San Antonio, and the South Texas Medical Center.

The Canopy was acquired in July 2016 with a fixed interested rate of 3.73 percent for 10 years under the Federal National Mortgage Associate Delegated Underwriting and Servicing loan program.

“The Canopy is an attractive multi-family property with an extensive amenity package,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Residents of the community enjoy convenient access to numerous employment centers, as well as medical, retail, entertainment and recreational amenities.”

Rogers added, “The Canopy is a desirable asset due to its location in a stable, income tax-free state, and within a growing city that has recently received numerous awards for professional development, comprehensive lifestyle amenities and overall economic performance.”

Unit amenities include washer/dryer connections, a fireplace, vaulted ceilings, while select units include fenced yards, a stackable washer/dryer, patio/balcony and rainfall shower. In addition to the fitness and business centers, community amenities include a coffee bar and Wi-Fi; two swimming pools with furniture, a sundeck and grills; coin-operated laundry facilities; a fenced pet park and a picnic area.

The property is near the 1.2-million-square-foot North Star Mall, Park North retail center, Starbucks, Target, Home Depot and Office Depot. It is also located one mile from McAllister Park, a public park with sports fields, dog parks and numerous jogging trails spread over 900 acres of wooded land.

CS1031 Canopy Apartments DST is the 25th DST the Capital Square has closed since its founding in late 2012.

Capital Square 1031 sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. The firm provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition for high net worth investors, private equity firms, family offices and institutional investors. As of December 7th, the firm oversees a growing national portfolio of 56 real estate assets valued at approximately $566 million (based on investment cost).

Click here to visit the Capital Square 1031 directory sponsor page.