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Capital Square Buys Houston Multifamily Property for DST Offering

Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Houston Apartments, a Class A, 304-unit multifamily community located in Houston, Texas.

Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Houston Apartments, a Class A, 304-unit multifamily community located in Houston, Texas.

The community, developed by Wood Partners, was purchased on behalf of CS1031 Houston Apartments DST, a Delaware statutory trust offering that seeks to raise $56.5 million in equity from accredited investors.

Located at 3623 W Alabama Street, Houston Apartments is comprised of studios, one-, two-, and three-bedroom units with best-in-class finishes. Community amenities include a swimming pool with a tanning deck; a 24-hour fitness center; a sky lounge with a kitchen, pinball machine, and seating with a fireplace; a pet spa; and a courtyard with outdoor living area.

“CS1031 Houston Apartments is the latest DST offering that sets the highest standards with unrivalled amenities and best-in class quality,” said Louis Rogers, founder and chief executive officer.

Citing CoStar data, Capital Square noted that the average annual household income within a three-mile radius of the property is in excess of $163,000, while the property’s submarket has experienced robust year-over-year rent growth of approximately 9.5 percent since the beginning of 2021. The property is within five miles of multiple retailers, restaurants and entertainment venues.

“Houston Apartments is an amenity-rich, luxury multifamily community located in the midst of one of Houston’s most exclusive neighborhoods where there is strong demand for apartments,” said Whitson Huffman, chief strategy and investment officer. “The property is ideal for affluent professionals who thrive on urban life and the upscale shopping, dining and cultural amenities that are provided in large cities like Houston.”

Capital Square specializes in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust. Since 2012, the firm has completed more than $5.6 billion in transaction volume.

In recent years the company has become a developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million.

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