Capital Square Buys North Carolina Multifamily Property for DST Offering
Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Retreat at Arden Farms Apartments in Arden, North Carolina.
Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina.
The community was acquired on behalf of CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust offering that seeks to raise $68 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Located in the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community is comprised of one-, two- and three-bedroom units averaging 957 square feet. Community amenities include a clubhouse with a lounge, cyber café with a coffee station, saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.
“Asheville, North Carolina has been on Capital Square’s radar for some time,” said Louis Rogers, founder and chief executive officer of Capital Square. “We are thrilled to expand the Capital Square footprint to Asheville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide.”
The property is located 15 minutes from downtown Asheville, and Biltmore Park Town Square, a mixed-use retail center with restaurants, shopping and entertainment, is located 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.
“Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9 percent, indicative of a strong local economy,” said Whitson Huffman, chief strategy and investment officer. “The area continues to incubate regional economic growth, as evidenced by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately three miles from the property, which will lead to 800 permanent, high-paying local jobs.”
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 $5.9 billion in transaction volume. The company’s related entities provide a range of services, including 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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