Capital Square 1031, a sponsor of Delaware statutory trust investments, announced that CS1031 Richmond VA Apartments DST has been fully subscribed by 61 Section 1031 exchange investors. The program is comprised of Summit at Bon Air Apartments, a 296-unit multifamily community in the Richmond suburb of Bon Air, Virginia.
“This multifamily community is well-located in the region’s most populous county, Chesterfield County, said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Purchased for a Delaware statutory trust offering, the property is surrounded by retail destinations and economic drivers. Capital Square is bullish on Class B multifamily communities that generate stable cash flow and have strong appreciation potential. The community was financed with favorable 10-year fixed rate debt at 4.29 percent from Fannie Mae.”
Situated on more than 27 acres, Summit at Bon Air Apartments is comprised of 37 residential buildings and a clubhouse. The community was renovated from 2015 to 2017 and includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground and 550 parking spaces.
Since inception, Capital Square 1031 has sponsored 54 DSTs and has completed approximately $1 billion in transaction volume.
Capital Square 1031 sponsors 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 a growing number of high net worth investors, private equity firms, family offices and institutional investors.