Capital Square Buys Value-Add Multifamily Community in Virginia for DST Offering
Capital Square, a sponsor of Delaware statutory trust offerings, has purchased a 207-unit, value-add multifamily community in Williamsburg, Virginia.
Capital Square, a sponsor of Delaware statutory trust offerings, has purchased a 207-unit, value-add multifamily community in Williamsburg, Virginia.
The property was purchased on behalf of CS1031 Sterling Manor DST, a Delaware statutory trust offering that seeks to raise $42.4 million in equity from accredited investors and has a minimum investment of $50,000.
Located at 155 Sterling Manor Drive, the five-building community was constructed in 2008 and includes 137 renovated units, and Capital Square intends to renovate the remaining 70 units “to capture additional rental income.” Property amenities include a swimming pool, fitness center, resident lounge, business center, grilling/BBQ area, game room, bicycle storage, private balconies, and detached garages, among others.
“Sterling Manor Apartments in historic Williamsburg, Virginia is an exceptional addition to Capital Square’s growing portfolio of apartment communities in the southeast,” said Louis Rogers, founder and chief executive officer.
The property is located approximately one mile from the College of William & Mary and 2.5 miles from Colonial Williamsburg. The local economy is tourism-based, driven by Colonial Williamsburg, which brings hundreds of thousands of visitors annually, and two theme parks: Busch Gardens Williamsburg and Water Country USA.
Capital Square is a real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, the firm has completed more than $5.6 billion in transaction volume. Capital Square’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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