Capital Square 1031, a real estate investment and management firm specializing in Delaware statutory trust offerings, has purchased a 294-unit multifamily community in Richmond, Virginia, for its Reg D investment offering, CS1031 Hickory Creek Apartments DST. The purchase price was not disclosed.
“Hickory Creek Apartments is well located near Capital Square’s headquarters and benefits from its proximity to extensive employment, retail and recreation options,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Multifamily communities such as Hickory Creek Apartments are a growth investment because Capital Square 1031 is able to raise rents annually and grow the net operating income over the holding period. We are pleased to add this quality property to our growing investment portfolio, the 74th property Capital Square has acquired.”
Located at 2344 Hickory Creek Drive, Hickory Creek Apartments is comprised of 19 residential buildings and a clubhouse with a leasing office. Situated on 20.4 acres of land, the community includes one- and two-bedroom floorplans ranging in size from 830 square feet to 1,030 square feet. Community amenities include a swimming pool with sundeck, fitness center, lighted tennis courts, car wash area, sauna, dog park, optional reserved carport parking, Verizon FiOS and 24-hour emergency maintenance.
Originally constructed in 1984, the community had more than $2 million in capital improvements invested in it by previous ownership since 2016.
Capital Square has acquired 74 properties for approximately 1,600 investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
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 high net worth investors, private equity firms, family offices and institutional investors. Since inception, the firm has sponsored 55 DST programs and completed approximately $1.03 billion in transaction volume.
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