Capital Square 1031 Launches DST Offering of Newly Constructed, Class A+ Multifamily Community in Richmond, Virginia
RICHMOND, Va. (Oct. 29, 2019) – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings, announced today the launch of CS1031 2000 West Creek Apartments, DST. The Reg. D private placement is comprised of 2000 West Creek, a newly constructed 373-unit, Class A+ multifamily community in Richmond, Virginia.
“This DST offering of a high-class, award-winning multifamily community is symbolic of the evolution of Capital Square as a top-tier sponsor of tax-advantaged real estate investments,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “This best-in-class property benefits from its location in an area with 3.4 percent projected rent growth over the next five years, according to Newmark Knight Frank; a strong employment base combined with a reasonable cost of living; short commute times for residents; and attractive city amenities for work-life balance. The property also benefits from the lack of new multifamily supply in Richmond, where more than 70 percent of the communities are 25 years or older.”
Located at 2000 Broad Branch Circle, 2000 West Creek is situated on approximately 23 acres of land and is comprised of 373,251 square feet of space. The multifamily community was constructed in 2018 and leased-up in 2019 and is comprised of one- and two-bedroom floorplans, ranging in size from 774 square feet to 1,246 square feet.
Community amenities include: reserved and garage parking; climate-controlled, rentable storage units; bike storage; coffee bar; conference and meeting rooms; community lounge and clubhouse; saltwater swimming pool that is heated year-round; firepit and grilling stations; package and storage system; package lockers; gift wrapping station; fitness center; dog park and pet spa; media lounge; billiards/game room; controlled access and a resident convenience center. The property was named the 2019 RAMMY Community of the Year, presented by The Virginia Apartment Management Association.
“Residents benefit from the community’s location in West Creek, an expanding business park with over 10,000 employees and 2.1 million square feet of office space,” said Whitson Huffman, senior vice president and head of acquisitions. “The amenities-rich community is strategically located directly off Route 288, which provides residents with convenient access to Interstates 95, 64 and 295 and to numerous employers, including Capital One’s Richmond headquarters within walking distance. Additionally, the community is a short drive from more than five million square feet of shopping, dining and entertainment options at Short Pump Town Center.”
Capital Square 1031 was represented by Alexandra Huffman, Justin Nelson and Lynn Pearson of Walker & Dunlop in its acquisition of 2000 West Creek. Nelson and Pearson originated the PNC Bank acquisition loan with a 3.47 percent fixed rate for seven years.
Since inception, Capital Square has acquired 87 real estate assets for over 2,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
About Capital Square 1031
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Capital Square has completed approximately $1.6 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. In 2017, 2018 and 2019, Capital Square was awarded by Inc. 5000 as one of the fastest growing companies. In 2017 and 2018, the company was also ranked on Richmond BizSense’s list of fastest growing companies. In 2019, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” and “Fantastic 50” reports. To learn more, visit www.CapitalSquare1031.com.
Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing.