Capital Square Buys Multifamily Portfolio in Asheville, North Carolina for DST Offering

Capital Square, a sponsor of tax-advantaged real estate investments, has purchased the Asheville NC Apartment Portfolio, a two-property multifamily portfolio, for a Delaware statutory trust offering.

Capital Square, a sponsor of tax-advantaged real estate investments, has purchased the Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville, North Carolina.

The portfolio was acquired on behalf of CS1031 Asheville NC Apartment Portfolio DST, a Delaware statutory trust offering that seeks to raise $73.1 million in equity from accredited investors with a minimum investment requirement of $50,000.

Asheville NC Apartment Portfolio includes the 253-unit River Mill Lofts and the 52-unit Skyloft Apartments. The 11,000-acre portfolio is comprised of one-, two- and three-bedroom units averaging 1,120 square feet. Community amenities at River Mill Loft include access to the Swannanoa River, a clubhouse and a swimming pool. Skyloft Apartments residents have access to an outdoor fire pit and grilling area and a fenced pet park. Both properties are within a 10-minute drive of downtown Asheville.

“Once again, Capital Square remains ahead of the curve with this two-property multifamily acquisition in Asheville, North Carolina,” said Louis Rogers, founder and chief executive officer. “Asheville has a strong economy in a bucolic environment. With apartment rents increasing 25 percent, Asheville has experienced the strongest growth in multifamily rental rates of any metro in North Carolina, according to WTVD…”

Mission Health, an operating division of HCA Healthcare, and North Carolina’s largest health system is in Asheville. The system’s flagship medical center, the 815-bed Mission Hospital, is less than two miles from each property and ranks as the top employer in Asheville and western North Carolina, employing more than 10,000 people.

Capital Square is a national real estate firm specializing 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 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.

Since 2012, Capital Square has completed more than $6 billion in transaction volume. The firm’s 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.

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