Capital Square 1031, a sponsor of Delaware statutory trust offerings, has launched CS1031 2000 West Creek Apartments DST. The Regulation D private placement is comprised of 2000 West Creek, a newly constructed 373-unit, Class A+ multifamily community located in Richmond, Virginia.
The offering seeks to raise approximately $47.7 million in equity from accredited investors and has a $50,000 investment minimum.
“This best-in-class property benefits from its location in an area with 3.4 percent projected rent growth over the next five years, according to Newmark Knight Frank; a strong employment base combined with a reasonable cost of living; short commute times for residents; and attractive city amenities for work-life balance,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
He added, “The property also benefits from the lack of new multifamily supply in Richmond, where more than 70 percent of the communities are 25 years or older.”
Constructed in 2018, 2000 West Creek is situated on approximately 23 acres of land and is comprised of roughly 373,000 square feet of space. The community was leased-up in 2019 and is comprised of one- and two-bedroom floorplans, ranging in size from 774 square feet to 1,246 square feet.
Community amenities include reserved and garage parking, rentable storage units, bike storage, coffee bar, conference and meeting rooms, community lounge and clubhouse, heated saltwater swimming pool, firepit and grilling stations, a fitness center, dog park and pet spa, media lounge, billiards/game room, controlled access and a resident convenience center.
The property was funded with a PNC Bank acquisition loan with a 3.47 percent fixed rate for seven years.
Since inception, Capital Square has acquired 87 real estate assets for more than 2,000 investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
Capital Square specializes in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. The firm has completed approximately $1.6 billion in transaction volume, and its 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.