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Capital Square Fully Subscribes $60.5 Million DST Offering

Capital Square, a sponsor of tax-advantaged real estate investments, announced that its offering, CS1031 The Louis Apartment Flats DST, has been fully subscribed.

The Regulation D private placement, which raised nearly $60.5 million from accredited investors, is comprised of a newly built, Class A, 309-unit multifamily community in Louisville, Kentucky.

“Louisville is one of the top ten cities for rent growth according to the New York Post, with an increase of 17.5% between September 2021 and September 2022,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Also, Louisville is the #3 market in the nation for rent growth in 2023 as reported by Realtor.com. And Kentucky had the highest rental occupancy rate in the nation in the second quarter of 2023.”

Completed in 2021 at 3750 Chamberlain Lane, The Louis Apartment Flats offers one-, two-, and three-bedroom units with top-of-the-line finishes and an average unit size of 966 square feet.

The community amenities include a resort-style swimming pool with poolside cabanas, 24-hour state-of-the-art fitness center, resident lounge with a complimentary gourmet coffee bar, business center with private workspaces and printing stations, fenced pet park with pet spa, and 24-hour onsite community market.

Capital Square says the property is within two miles of multiple retailers, restaurants and entertainment venues. The Louis is also within close proximity of Interstate 265, allowing residents access to Greater Louisville and the surrounding region.

“Louisville is one of the highest growth markets in the mid-South and Southeast that Capital Square covets,” said Whitson Huffman, co-chief executive officer. “The Louisville market, which enjoys strong median household income and projected annual rent growth, had an unemployment rate that was below 3 percent at the close of 2022, near a historic low.”

Capital Square made an additional investment in the Louisville market last October with the acquisition of Lyric at Norton Commons, a Class A+, 273-unit mixed-use multifamily community. The community was acquired on behalf of CS1031 Lyric at Norton Commons DST, which is currently raising $68 million in equity from accredited investors.

Since its founding in 2012, Capital Square has acquired 171 real estate assets for over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation. The company has completed more than $7.5 billion in transaction volume.

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