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Capital Square Acquires Multifamily Community Near Asheville, North Carolina, for DST Offering

July 6, 2022

ASHEVILLE, N.C. (July 6, 2022) – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced today the acquisition of Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina. The community was acquired on behalf of CS1031 Retreat at Arden Farms Apartments, DST.

“Asheville, North Carolina has been on Capital Square’s radar for some time,” said Louis Rogers, founder and chief executive officer of Capital Square. “We are thrilled to expand the Capital Square footprint to Ashville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide.”

Nestled in the midst of the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community offers one-, two- and three-bedroom units averaging 957 square feet with high-end finishes including tile backsplashes, stainless-steel appliances, 9-foot ceilings, walk-in closets and a balcony or patio. The community amenities include a grand clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 state-of-the-art fitness center, wellness studio, poolside grilling area, “bark park,” electric car charging stations and private garages and storage units.

The highly amenitized property offers sweeping mountain views with convenient access to numerous outdoor activities. The property also benefits from direct access to Interstate 26, providing a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is located just 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.

The scenic property is only nine miles from The Biltmore Estate, George Vanderbilt’s 250-room castle that is America’s largest home and a prominent tourist attraction, according to the City of Asheville. The 8,000-acre grounds, which feature gardens, trails and parklands, are located directly north of the property. For decades, tourists and retirees alike have been drawn to the area’s natural beauty, culture, amenities and small-town feel.

“Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9%, indicative of a strong local economy,”1 said Whitson Huffman, chief strategy and investment officer. “The area continues to incubate regional economic growth, as evidence by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately 3 miles from the property, which will lead to 800 permanent, high-paying local jobs.” 2,3

Asheville has averaged over 1,000 new apartment units per year from 2014-2021 while maintaining 96% average occupancy, according to CoStar.4 A limited future supply is anticipated due to affordable housing and other local government requirements. Additionally, a rapidly growing population will drive rent growth, according to the local ABC affiliate and Citizen Times news.5

CS1031 Retreat at Arden Farms Apartments, DST seeks to raise $68 million in equity from accredited investors and has a minimum investment requirement of $50,000.

Since its founding in 2012, Capital Square has acquired 150 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.

Tynes Development Corporation and Hathaway Construction, sellers of the property, were represented by Michael Saclarides, Devin Bryan, and Jacquelyn Aaron with Cushman & Wakefield.

Sources: 1. | 2. |3. | 4. CoStar, Multifamily Market Report 2Q 2022, Asheville, NC, accessed June 8, 2022 | 5. ABC Affiliate & Citizen Times news: – February 2, 2022

About Capital Square

Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $5.9 billion in transaction volume. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit

Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results.  Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.


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