Capital Square 1031, a sponsor of Delaware statutory trust investments, announced that CS1031 Fairway View Apartments DST, comprised of a 243-unit multifamily community in Greater Atlanta, has been fully subscribed by a total of 42 investors.
“This is an excellent example of Capital Square 1031’s strategy – helping investors acquire an interest in a higher quality replacement property than they could afford to purchase on their own,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “We are pleased to have fully subscribed the Fairway View Apartments offering, which provides tax-advantaged real estate ownership and capital appreciation potential to a growing number of Section 1031 exchange investors.”
Although the purchase price was not disclosed, the company noted that the property was purchased at an “attractive price” with 10-year, fixed rate debt at 3.69 percent from Fannie Mae. The property qualified for Fannie Mae’s Green Financing Program that reduced ownership’s utility bills and the interest rate on the loan.
Situated on more than 20 acres, Fairway View Apartments is located in Lawrenceville, Georgia and is comprised of 26 two- and three-story residential buildings, as well as standalone clubhouse/office, laundry and maintenance buildings.
The property features golf course views, a coffee and tea bar, playground, sports court, swimming pool, grill/picnic area, pet walk and care stations, outdoor amenity area, laundry facility and more. The property’s one-, two-, three- and four-bedroom units average 1,089 square feet. Fairway View Apartments is approximately 95 percent occupied.
Capital Square 1031 sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of May 2, 2018, the firm oversees a national portfolio of 67 real estate assets valued at approximately $670 million (based on investment cost). Capital Square has sponsored 44 DSTs since its founding in 2012.