Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Village at Westland Cove, a Class A, 240-unit multifamily community in Knoxville, Tennessee.
The community was purchased on behalf of CS1031 Village of Westland Cove Apartments DST, a Delaware statutory trust offering that seeks to raise $52.8 million in equity from accredited investors and has a minimum investment of $50,000.
Completed in 2019, Village at Westland Cove is a 28-acre multifamily community that sits on the shore of Fort Loudoun Lake and is comprised of one-, two- and three-bedroom units averaging 1,147 square feet. Community amenities include a fitness center, Amazon lockers and coolers for grocery deliveries, car care center, two pet play areas, a coffee bar, business center, food truck nights, gaming patio with bocce ball court, outdoor firepit and kitchen, swimming pool, kayaks available to residents, as well as lake access via a resident dock.
“This is Capital Square’s sixth acquisition of a multifamily community in Tennessee for the DST/1031 exchange program,” said Louis Rogers founder and chief executive officer of Capital Square. “Village at Westland Cove is located in one of the hottest housing markets in the nation for 2021. Employment in the area is exceptionally strong, with the Oak Ridge Reservation and National Laboratory, operated by the U.S. Department of Energy, only 19 miles away, generating 14,667 full-time jobs and wages totaling over $1.3 billion.”
Village at Westland Cove is located within close proximity of The Pinnacle at Turkey Creek, a 650,000-square-foot shopping center that includes more than 65 retail stores and restaurants. In addition, Turkey Creek Medical Center, a Level III trauma center that is part of Tennova Healthcare, lies within two miles of the property. Other nearby attractions include the Knoxville Museum of Art, Market Square and Zoo Knoxville.
Whitson Huffman, chief strategy and investment officer, said that “the local economy is thriving, with low unemployment, high average household income and growing demand for high-end apartment living such as that provided to the residents of Village at Westland Cove.”
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. In recent years the company has become a developer of 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. Since 2012, the firm has completed more than $5.6 billion in transaction volume.
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