Capital Square 1031, a sponsor of Delaware statutory trust offerings, has launched CS1031 Williamsburg VA Apartments DST, a Regulation D private placement comprised of Elan Williamsburg, a newly constructed, Class A apartment community in Williamsburg, Virginia.
The offering seeks to raise $21.4 million in equity from accredited investors with a minimum investment of $50,000. The acquisition was financed by Fannie Mae with a 2.80 percent fixed rate 10-year loan.
“Elan Williamsburg is the latest in a line of Class A multifamily communities acquired by Capital Square directly from developers following the initial lease-up of the property,” said Louis Rogers, founder and chief executive officer of Capital Square.
Constructed in 2018, Elan Williamsburg is comprised of 198 units, and includes one-, two- and three-bedroom apartments ranging in size from 712 square feet to 1,232 square feet. Situated on approximately nine acres of land, the property has four three-story buildings and a clubhouse. The community is approximately 93 percent occupied as of August 7, 2020.
Property amenities include a resident clubhouse; beach entry pool with two designated lap lanes; poolside fire pit lounge; game room; a fitness center, and a yoga room where classes are also held. Additional amenities include summer kitchens with outdoor grilling and dining areas; an Amazon Hub package concierge, garage parking, additional storage, walking trails throughout the community and direct access to The Reserve trail network.
In other news, last week, Capital Square fully subscribed its CS1031 2000 West Creek Apartments DST, a Regulation D private placement comprised of a Class A+ multifamily community in Richmond, Virginia.
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. To date, the company has completed more than $2 billion in transaction volume. Related entities provide due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors.