Capital Square 1031 LLC, a sponsor of replacement property for Section 1031 exchanges, announced that its Delaware statutory trust offering, CSRA Galeria del Rio DST, comprised of a 101-unit Class A townhome community in Tucson, Arizona, has been fully subscribed by investors. The purchase price was not disclosed.
Located at 5132 N. Prairie Clover Trail, Galeria del Rio includes 35 two-story buildings and a community clubhouse. The two-story townhomes range in size from three-bedroom to four-bedroom units, each complete with 2.5 bathrooms, an attached two-car garage and a small private enclosed back yard. The property, completed in December 2014, is situated on approximately 11.5 acres of land.
“Galeria del Rio is a high quality townhome community situated in a central location within Arizona’s second largest city,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property provides residents with easy access to many social and recreational opportunities, employment centers, including a variety of employers in the national defense industry, and Northwest Medical Center. We are pleased to complete this offering, the 24th DST Capital Square 1031 has closed since its founding in late 2012.”
Property amenities include a neighborhood center with gourmet coffee bar, complimentary Wi-Fi hotspots, guest computers and scanner, pool and spa with gas barbecues, and a community dog park. Galeria Del Rio is centrally located near the University of Arizona, the second largest employer in the city.
The city of Tucson is also home to many technology companies, including Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Honeywell and Universal Avionics.
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. The firm oversees a portfolio of 54 real estate assets valued at more than $541 million (based on investment cost).