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Capital Square Acquires Miami Multifamily Community for DST Offering

Capital Square, a sponsor of tax-advantaged real estate investments, announced the acquisition of Parkland Apartments, a 396-unit Class A multifamily community in the affluent Miami suburb of Parkland, Florida.

The community was acquired on behalf of CS1031 Parkland Apartments, DST, which seeks to raise $105.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.

“Parkland Apartments is all about the location near many of South Florida’s major employment hubs, nationally recognized schools, and retail opportunities,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Parkland Apartments is a very special property for Capital Square’s 1031 exchange and cash investors.”

Located at 5851 Holmberg Road, the 95.5% occupied property has one-, two- and three-bedroom apartment units that average 1,118 square feet and offer stainless steel appliances, quartz countertops, wood-inspired flooring, a private patio or balcony, and in-unit washer and dryers. Community amenities include two resort-style pools, a clubhouse, 24-hour fitness center, hammock garden, two outdoor kitchens, picturesque walking trails and a 4.75-acre lake. The company says Parkland Apartments has direct access to Covered Bridge Park, a 2.9-acre park owned and managed by the City of Parkland that includes wooded nature trails, a meditation area, yoga lawn and butterfly garden.

Since 2018, Capital Square says the property has received $9.4 million in capital improvements, including $6.8 million in interior renovations.

“With nationally recognized, A-rated schools and proximity to some of South Florida’s strongest employment, entertainment and natural points of interest, Parkland offers a high quality of life and many resident experiences,” said Whitson Huffman, co-chief executive officer. “Amid Florida’s continuing migration boom, Parkland experienced a 44.7% population increase from 2010 to 2020 with continuous growth projected in the years to come and the region continues to attract some of the nation’s leading companies, which demonstrates a positive long-term outlook for the area.”

Parkland’s community has an average home price of $970,000 and a household income that surpasses $100,000 annually. The Parkland submarket averaged effective multifamily rental increases in excess of 20% between June 2021 and June 2022. Rent growth is projected to increase 6.4% in 2023 and to remain above 5% through 2027.

Several of South Florida’s major employers are in close proximity to the property, including Microsoft, Zimmerman Advertising, American Express and Broward Health.

Since its founding in 2012, Capital Square has acquired 164 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.

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