Capital Square Buys Multifamily Community in Florida for DST Offering
November 5, 2021
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased The Residences at 393 North Apartments, a newly constructed, Class A multifamily property in Santa Rosa Beach, near Pensacola, Florida.
The 128-unit multifamily community was purchased on behalf of CS1031 Residences at 393 North Apartments DST, a Regulation D private placement offering that seeks to raise $23.3 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Louis Rogers, founder and chief executive officer of Capital Square, noted that the community includes “high-end amenities such as a 24-hour state-of-the-art fitness center, a resort-style pool and spa, a resident lounge with an entertainment kitchen, and a dog park.”
The community is located in Santa Rosa Beach, close to Florida’s “scenic” highway 30A, with access to Destin, Panama City, and numerous beaches and parks, Rogers added.
Located at 77 Exuma Way, the community was completed in 2021 and is situated on 10.89 acres of land. The Residences at 393 North features one-, two- and three-bedroom floorplans with an average unit size of 1,096 square feet.
Capital Square said that as of October 2021, the property has a waiting list of 68 prospective tenants.
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