Sponsored: Capital Square Collects 99% of Multifamily Rent in May Despite COVID-19 Pandemic

Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings, announced today that the company collected 99% of total rent due throughout its multifamily portfolio during the month of May.

Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings, announced today that the company collected 99% of total rent due throughout its multifamily portfolio during the month of May. In comparison, the National Multifamily Housing Council reports that 93.3% of U.S. apartment households made a full or partial rent payment by May 27th.

“The COVID-19 pandemic hit the real estate industry like a ton of bricks and is unlike anything we have seen in the past. Despite severe economic disruption from the pandemic, Capital Square’s portfolio of well-located, stable Class A and B apartment communities has proven to be resilient,” said Louis Rogers, founder and chief executive officer of Capital Square. “We have long believed that meticulously sourced and well managed multifamily properties provide compelling opportunities to individual investors, and are pleased that the performance of the portfolio has proven Capital Square’s investment thesis. While the multifamily portfolio was built to withstand the next recession, it is prospering even through an unprecedented pandemic.”

Capital Square’s multifamily portfolio consists of 6,595 units in 33 Class A and B apartment communities located primarily in the Southeast. During the months of February, March and April 2020, Capital Square successfully collected 99%, 100% and 98% of total rent, respectively, across its multifamily portfolio. Throughout 2019, the firm’s multifamily portfolio collection averaged between 98% and 100% of total rent each month.

“The key to Capital Square’s success during this challenging time has been the good-faith engagement that we’ve maintained with all of the residents,” said Chris Hirth, CCIM, CPM, vice president of asset management of Capital Square. “Our third-party property management teams have done a phenomenal job of working one-on-one with residents impacted by the virus to execute payment plans and maintain long-term stability for both our residents and our investors.”

Capital Square also reports that the occupancy level at its multifamily portfolio has increased 0.3% since the onset of the pandemic, from 93.4% at the end of February to 93.7% as of May 30, 2020.

Since inception, Capital Square has acquired 107 real estate assets for over 2,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.

Capital Square is a sponsor of The DI Wire, and the article was published as part of their standard directory sponsorship package.

For more Capital Square news, visit their directory sponsor page.