Capital Square 1031 fully subscribes DST offering of multifamily community in Virginia
May 29, 2020
Capital Square 1031 has announced the CS1031 Saltmeadow Bay Apartments DST has been fully subscribed. The Reg. D private placement comprises Saltmeadow Bay Apartments & Townhomes, a class A, 229-unit multifamily community in Virginia Beach, Va.
“Capital Square 1031 focuses on multifamily properties in the Southeast for stable cashflow and capital appreciation,” said Louis Rogers, founder and CEO. “Saltmeadow enjoys high occupancy that produces stable cashflow with the potential for meaningful rent growth over time that leads to capital appreciation on sale.”
Located at 757 Saltmeadow Bay Drive, Saltmeadow Bay Apartments & Townhomes sits on 24 acres of land. The property includes four residential buildings with four stories each. Constructed in 2006, the community has one-, two- and three-bedroom floorplans ranging in size from 866 square feet to 1,598 square feet.
“Saltmeadow Bay Apartments & Townhomes is one of the nicest properties in the area, located in a park-like setting less than one mile from the Virginia Beach boardwalk and less than 20 minutes from the largest naval station in the world,” said Whitson Huffman, senior vice president and head of acquisitions. “The gated community features a resident clubhouse, controlled-access buildings, elevator-serviced buildings, a resort-style swimming pool, 24-hour fitness center, dog park, onsite storage and covered parking and garages. The amenities rival the best apartment communities in the area.”
Since inception, Capital Square has acquired 107 real estate assets for more than 2,500 investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.