Capital Square 1031 Completes DST Offering of Multifamily Community in Richmond, Virginia
RICHMOND, Va. (Nov. 11, 2019) – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings, announced today that CS1031 Hickory Creek Apartments, DST has been fully subscribed by 55 Section 1031 exchange investors. The DST offering is comprised of Hickory Creek Apartments, a 294-unit multifamily property located in Henrico County, a suburb of Richmond, the state capital of Virginia.
“Hickory Creek Apartments is a leading example of the high-quality, growth-oriented multifamily communities that Capital Square acquires for investors,” said Louis Rogers, founder and chief executive officer. “This multifamily community has a substantial value-add component through the interior renovation of units and common areas. The Richmond area is known for being economically stable due to the large presence of government as the state capital, proximity to D.C. and the federal government, and disproportionate number of large companies along with numerous colleges and universities. Capital Square has become the largest buyer of multifamily properties in the Richmond area, and we expect this DST to benefit from Capital Square’s exceptional property and investment management.”
Located at 2344 Hickory Creek Drive, Hickory Creek Apartments is comprised of 19 residential buildings and a clubhouse with a leasing office. Situated on over 20 acres of land, the community includes one- and two-bedroom floorplans ranging in size from 830 square feet to 1,030 square feet. Community amenities include a swimming pool with sundeck, fitness center, lighted tennis courts, car wash area, sauna, dog park, optional reserved carport parking, Verizon FiOS and 24-hour emergency maintenance.
“Residents of Hickory Creek have unmatched access to retail amenities and employment centers, with more than 5 million square feet of retail at Short Pump Town Center and 8 million square feet of office space at Innsbrook Corporate Center within minutes of the community,” said Whitson Huffman, senior vice president and head of acquisitions. “Over $2 million has been invested by prior ownership, further adding value to the investment.”
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 and other investors seeking a high-quality real estate investment.
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.