Capital Square Realty Advisors LLC announced today that its Delaware statutory trust offering, CSRA Candleglow Apartments DST, comprised of Candleglow Apartments, a 152-unit multifamily community near Tampa, Florida, has been fully subscribed by investors.
“Candleglow Apartments is nearly 100 percent occupied with a waiting list, which bodes well for future growth in rental income,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “Capital Square is bullish on multifamily properties like Candleglow Apartments that have the potential for immediate income growth and do not require substantial renovations. Finding a solid apartment community at a reasonable price in good condition is like finding a needle in a haystack.”
Rogers adds, “This is Capital Square’s 16th DST to be fully subscribed since inception in late 2012 and we look forward to continuing to provide investors with high quality real estate properties from different asset classes as we grow the DST platform.”
Candleglow Apartments, located at 1071 Candlelight Blvd. in Brooksville (greater Tampa area), is a garden-style community with 10 residential two-story buildings and a single-story clubhouse. The community’s amenities include a resort-style pool, sundeck/lounge area, two tennis courts, barbecue area with grills, racquetball court, 24-hour laundry facility and pet walk area. Situated on approximately 10.2 acres of land, Candleglow Apartments includes 257 open parking spaces at a ratio of 1.69 spaces per unit. The community was approximately 98.5 percent leased at the time of acquisition in late May.
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware statutory trust structure.