Capital Square 1031, a sponsor of Delaware statutory trust offerings for 1031 exchange and other accredited investors, has launched CS1031 Residence at Riverwatch Apartments DST, a Regulation D private placement comprised of a newly constructed, Class A 260-unit apartment community in Augusta, Georgia.
The offering seeks to raise $27 million in equity from accredited investors with a minimum investment of $50,000. The acquisition was financed by Fannie Mae, with a 2.90 percent fixed rate 10-year loan.
“Capital Square has a clear vision for the 1031/DST program – to buy the best Class ’A’ and ’B’ apartment communities in the Southeast that generate stable cash flow and solid growth over time,” said Louis Rogers, founder and chief executive officer of Capital Square. “These properties have performed exceptionally well, with over 98 percent of total rent collected on 28 apartment communities in the Southeast during the past 124 days of the COVID pandemic.”
He added, “Capital Square is finding exceptional opportunities in spite of the pandemic. When a competitor balked, Capital Square jumped and purchased this superior property at a materially lower price.”
Located at 205 River Place, minutes from Downtown Augusta and many employers, Residence at Riverwatch is comprised of nearly 265,800 rentable square feet of space with one-, two- and three-bedroom units ranging in size from 770 square feet to 1,360 square feet.
The property is situated on approximately 22 acres of land and has seven residential buildings, each with an elevator. Community amenities include a clubhouse, coffee bar, conference room and business center, 24-hour fitness studio and poolside pavilions with an outdoor kitchen and fireplace. Additional amenities include a dog park, pool, pool house with a game room and kitchen, 40 garages for rent, a walking path to a dock on the Augusta Canal, boathouse for kayaks, paddleboards and canoes as well as gated entry.
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. To date, Capital Square has completed more than $2 billion in transaction volume. The firm’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors.