Capital Square Buys Multifamily Property Near Washington, D.C. for DST Offering
Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Rivergate, a 402-unit multifamily property in the Washington, D.C. suburb of Woodbridge, Virginia.
Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Rivergate, a 402-unit multifamily property in the Washington, D.C. suburb of Woodbridge, Virginia.
The property was purchased on behalf of CS1031 Rivergate Apartments DST, a Delaware statutory trust offering that seeks to raise $46.5 million in equity from accredited investors and has a minimum investment of $50,000.
Rivergate is located at 13175 Marina Way, along the Occoquan River in the Potomac River basin. Community amenities include a swimming pool and sundeck, a rooftop terrace with cabanas, a courtyard with a firepit, grilling stations, a fitness center, two resident clubrooms, a business center, pet spa, volleyball court, kayak and bicycle storage, a multi-level parking garage, and controlled access.
“Rivergate is ideally located in a thriving economic sector of Northern Virginia that continues to enjoy significant employment growth and will soon welcome Amazon, which will open its second global headquarters nearby in 2023,” said Whitson Huffman, chief strategy and investment officer. “The Amazon facility is just 20 miles from Rivergate and is expected to employ 25,000 people. Amazon joins a host of other major international companies that call the region home.”
Rivergate is four miles from both the 183-bed Sentara Northern Virginia Medical Center and a new, $200 million Kaiser Permanente medical center. Together, these employers support approximately 1,500 workers. Other major employers in the area are Booz Allen Hamilton, Capital One Entities, Freddie Mac, GEICO, Hilton Worldwide Holdings, Marriott International, and Northrop Grumman.
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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