Capital Square 1031 Launches Multifamily DST Offering in Chattanooga, Tenn.
October 27, 2020
Capital Square 1031, a sponsor of Delaware statutory trust offerings for 1031 exchange and other accredited investors, has launched a Regulation D private placement comprised of Marina Pointe Apartments, a Class B+ multifamily community in Chattanooga, Tennessee.
The offering, CS1031 Marina Pointe Apartments DST, seeks to raise $24.2 million in equity from accredited investors with a minimum investment of $50,000. The acquisition loan was financed by Fannie Mae with a 2.5 percent fixed rate 10-year loan.
“This is Capital Square’s 31st apartment community in the Southeast for the DST/1031 exchange program,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “During the COVID-19 pandemic, Capital Square’s multifamily portfolio has enjoyed exceptional rent collection in excess of 98 percent with increasing occupancy, reflecting the desirable combination of stable performance and growth highly sought by investors across the nation. In addition, Marina Pointe benefits from being located within Tennessee, an income tax-free state.”
Located at 5750 Lake Resort Drive, the 308-unit multifamily community is situated on 20.578 acres of land. Marina Pointe Apartments features one- and two-bedroom units ranging in size from 760 square feet to 1,414 square feet. Marina Pointe is 98.7% occupied as of September 2020. The medium household income within a one-mile radius of the property is $95,330.
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