Capital Square Apartment REIT Adds David McKenney to Board of Directors
RICHMOND, Va. (March 25, 2024) – Capital Square Apartment REIT, Inc. is pleased to announce the addition of David McKenney to its board of directors as an independent director. McKenney brings a wealth of experience and expertise to the board, and his appointment further strengthens the company’s leadership team. McKenney replaced Jay Olander, who resigned his seat on the board when he was named president and chief financial officer of the company’s sponsor, Capital Square. With McKenney’s induction, the company’s board continues to consist of three directors, with two recognized as independent authorities.
“We are thrilled to have David McKenney join the board as an independent director of Capital Square Apartment REIT,” said Louis Rogers, chairman and chief executive officer of Capital Square Apartment REIT. “McKenney is an experienced real estate executive with decades of REIT experience. He brings an extensive depth of knowledge at an optimal time as the REIT begins the process of expanding its asset base by pursuing the contribution of numerous investment-grade apartment communities by owners in tax-free UPREIT transactions.”
McKenney has served as director, chief financial officer and secretary of the Energy 11 GP, LLC since its formation in July 2013, and is chief financial officer and part owner of Energy Resources 12, L.P., a partnership focused on investments in the oil and gas industry. Previously, McKenney was the president of capital markets for Apple REIT Ten, Inc. upon its inception until it merged with Apple Hospitality REIT, Inc. in September 2016. McKenney formerly served as president of capital markets for Apple REIT Six, Inc. until the company merged with an affiliate of Blackstone Real Estate Partners VII in May 2013. He served in the same capacity for Apple Hospitality Five, Inc. and Apple Hospitality Two, Inc.
From 1994 to 2001, McKenney was the senior vice president and treasurer of Cornerstone Realty Income Trust, Inc., a real estate investment trust that owned and operated apartment communities in Virginia, North Carolina, South Carolina, Georgia and Texas. From 1992 to 1994, McKenney operated as chief financial officer for The Henry A. Long Company, a regional development firm located in Washington, D.C. Prior to that, McKenney served as a controller at Bozzuto & Associates, a regional developer of apartments and condominiums in the Washington, D.C. area.
“Capital Square Apartment REIT is pursuing a winning strategy by targeting quality housing options located in high-growth markets throughout the Southeast and Texas,” said McKenney. “This is a strategy I’m very familiar with and have helped successfully pursue for several other real estate investment trusts throughout my career. I look forward to helping deliver the same success to the stockholders of Capital Square Apartment REIT.”
McKenney holds a Bachelor of Science in accounting and management information systems from James Madison University.
About Capital Square Apartment REIT
Capital Square Apartment REIT, Inc. is a real estate investment trust that buys and manages a mixture of Class A and Class B multifamily properties in the Southeast and Texas for both income and growth. The company is sponsored by Capital Square, a national real estate firm that is led by a seasoned team of real estate investment professionals with decades of experience. To learn more, please visit www.CapitalSquareREIT.com.
About Capital Square
Capital Square is a vertically integrated 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 U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $590 million. Since 2012, Capital Square has completed more than $7.8 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 seven 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. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region’s “Top Work Places.” To learn more, visit www.CapitalSq.com.
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 multifamily 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. Private placements are speculative. Diversification does not guarantee profits or protect against losses.
