Capital Square 1031, a sponsor of Delaware statutory trust offerings, has launched a Regulation D private placement comprised of Misty Ridge, a 409-unit multifamily community in the Washington, D.C. suburb of Woodbridge, Virginia.
The offering, CS1031 Misty Ridge Apartments DST, seeks to raise up to $40.95 million in total equity from accredited investors and has a $50,000 investment minimum. The property was financed with a 3.51 percent fixed rate, 10-year loan from Fannie Mae.
“Capital Square 1031 acquires stable apartment communities that benefit from strong employment drivers and exceptional recreational opportunities,” said Louis Rogers, founder and chief executive officer of Capital Square. “Misty Ridge fits the bill with strong economics and a thriving job market in the heart of Northern Virginia.”
Constructed in 1989, the 328,000-square-foot property sits on approximately 26 acres of land and includes one- and two-bedroom floorplans ranging in size from 786 square feet to 814 square feet.
Community amenities include a swimming pool, fitness center, tennis court, dog park, business center, playground, gas grills and outdoor kitchen and private patios.
“Amazon is bringing 25,000 new jobs to their HQ2, approximately 24 miles from Misty Ridge,” said Whitson Huffman, senior vice president and head of acquisitions. “The Amazon effect will drive rents and occupancy in the Northern Virginia multifamily market.”
Since inception, Capital Square has acquired 84 real estate assets for approximately 1,600 investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
Capital Square is an investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity zone funds, and has completed more than $1.4 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.