Capital Square 1031 Fully Subscribes DST Offering of Virginia Multifamily Property
September 15, 2020
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has fully subscribed CS1031 2000 West Creek Apartments DST, a Regulation D private placement comprised of 2000 West Creek, a Class A+ multifamily community in Richmond, Virginia.
According to a document filed with the Securities and Exchange Commission at the end of October 2019, the offering sought to raise $47.7 million in investor equity.
2000 West Creek is a 373-unit, newly constructed property situated on approximately 23 acres of land and comprised of 373,300 square feet of space. Constructed in 2018 and leased up in 2019, the community has one- and two-bedroom floorplans, ranging in size from 774 square feet to 1,246 square feet of space.
“Capital Square is known for acquiring Class B apartment communities in the Southeast…,” said Louis Rogers, founder and chief executive officer. “West Creek and similar acquisitions reflect an evolution in strategy, in which Capital Square is acquiring the best newly constructed, fully stabilized Class A apartment communities in key markets with cash flow parameters similar to Class B properties.”
The property is adjacent to the 2.1 million-square-foot West Creek Business Park, where more than 10,000 employees work. It is also close to the University of Richmond, Virginia Commonwealth University and Randolph Macon College.
Amenities at the property include reserved and garage parking, rentable storage units, bike storage, a coffee bar, conference and meeting rooms, a community lounge and clubhouse, heated saltwater swimming pool, a firepit and grilling stations, fitness center, dog park and pet spa, media lounge, and billiards/game room.
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