Capital Square 1031, a real estate investment and management firm specializing in Delaware statutory trust offerings, has sold Bridgeview Apartments, a 348-unit multifamily community in Tampa, Florida. The sale price was not disclosed.
“We are pleased to announce the successful sale of Bridgeview Apartments for a record price, which took this DST offering full-cycle in less than five years and provided investors with a 141 percent total return of equity and nearly 15 percent annualized total return,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
Bridgeview Apartments is a garden-style community that consists of 17 wood-framed and stucco residential buildings ranging between two and three stories. The property includes a clubhouse with a business center, resort-style pool, playground, fitness center, tennis and racquetball courts, and three onsite lakes.
Capital Square 1031 is a real estate investment and management company that sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square provides due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors. Since its founding in 2012, the firm has overseen a national portfolio of 69 real estate assets valued at approximately $710 million (based on investment cost).