Capital Square, a sponsor of tax-advantaged real estate investments, announced that its offering, CS1031 Lakeside on Riverwatch Apartments DST, has been fully subscribed.
The Regulation D private placement, which raised nearly $26.8 million from accredited investors, is comprised of a 200-unit garden-style multifamily community in the Augusta suburb of Martinez, Georgia.
“This is another successful close out of a multifamily DST offering designed primarily for investors completing tax-deferred exchanges under Section 1031 of the Internal Revenue Code. This brings the total DST portfolio to 55 multifamily, 14 manufactured housing and 71 commercial assets with an aggregate occupancy of over 95%,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Multifamily properties have realized gross rent collections of approximately 99% per month. The performance has been exceptional.”
Located at 4300 River Watch Parkway, the 19.28-acre property is situated between Atlanta and Columbia along Interstate 20, with access to Interstates 95 and 77. The apartment community offers one-, two- and three-bedroom units averaging 1,109 square feet that have black or stainless-steel kitchen appliances, resurfaced countertops, faux wood vinyl flooring, kitchen backsplashes and updated lighting fixtures. Capital Square says community amenities include a recently renovated clubhouse and fitness center, a swimming pool with a sundeck, grilling area, package delivery room, and a dog park.
“Lakeside on Riverwatch is an exceptional multifamily community uniquely located in the midst of Augusta’s scenic Savannah River basin and the city’s thriving economic sector,” said Whitson Huffman, co-chief executive officer. “The region remains robust, with low unemployment, healthy rent growth and consistently strong demand for quality rental living from the city’s large population of affluent young professionals.”
Capital Square is an active owner of multifamily communities in Georgia. As The DI Wire previously reported, the company acquired Brighton Woodstock BFR Housing, a build-for-rent, 100-unit townhome community in the Atlanta suburb of Acworth, Georgia.
Since its founding in 2012, Capital Square has completed more than $7.5 billion in transaction volume.
For more Capital Square news, please visit their directory page.