CORE Pacific Advisors, a Delaware statutory trust sponsor located in Newport Beach, California, has fully subscribed the capital raise requirements for CPA Barrington Apartments DST, a Regulation D 506(c) offering comprised of Barrington Apartments, a 376-unit Class A multifamily property located in Montgomery, Alabama. The offering raised $21.5 million from accredited investors.
“This asset has been impeccably maintained, and the expected need for capital reserves is minimal as compared to other multifamily projects I have seen in the DST space,” said Michael Crimmins, chief executive officer of CM Pacific Capital, a distribution platform of DSTs and alternative investment products.
Barrington Apartments, which was purchased in an off-market transaction, has a mix of one-, two-, and three-bedroom units, each with fully equipped kitchen, washer and dryer, fireplace, extra closets, and patios/balconies.
Floor plans range from nearly 800 square feet to 1,580 square feet, and property amenities include two swimming pools, two fitness centers, a dog park, theater room, and a car care center. Barrington Apartments is within close proximity to numerous universities, theater and arts venues, as well as healthcare facilities and retail properties.
CORE Pacific Advisors is an investment advisory firm focused on commercial real estate and real estate-related investments.