Capital Square Fully Subscribes DST Offering for Richmond MF Property
September 15, 2020
Capital Square 1031 has announced that its offering, CS1031 2000 West Creek Apartments, DST, has been fully subscribed. The Regulation D private placement is comprised of 2000 West Creek, a 373-unit, newly constructed Class A multifamily community in Richmond, VA.
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. Constructed in 2018 and leased up in 2019, the multifamily community has one- and two-bedroom floorplans, ranging in size from 774 square feet to 1,246 square feet of space. The property is nearby the University of Richmond, Virginia Commonwealth University and Randolph Macon College. Amenities include bike storage, a coffee bar, conference and meeting rooms, a community lounge, clubhouse and a saltwater swimming pool that is heated year-round.
“Class A communities, such as West Creek, are extremely stable and work well for the 1031/DST program since most features of the community are new and under warranty,” said Whitson Huffman, chief strategy and investment officer at Capital Square. “Dramatically reduced capital needs for this new property coupled with the strong growth trajectory of the Richmond market make it a compelling investment profile.”