Capital Square Completes $72M UPREIT Deal on Virginia Beach Apartments

April 3, 2023

Capital Square has closed an UPREIT transaction for Saltmeadow Bay Apartments, a Class A, 229-unit multifamily community in Virginia Beach, VA, located less than a mile from the Virginia Beach boardwalk. In the UPREIT transaction, more than 85% of the DST investors (by value) exchanged their DST interests for operating partnership units in Capital Square Apartment REIT Inc. on a tax-deferred basis under Section 721 of the Internal Revenue Code.

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