Capital Square Living Assumes Management of Three Tennessee Multifamily Properties
Capital Square’s property management subsidiary now manages 33 properties
RICHMOND, Va. (May 16, 2024) – Capital Square Living, the property management subsidiary of Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the assumption of management of three Tennessee multifamily communities totaling 716 units.
The properties include Lullwater at Big Ridge in Hixson, as well as Marina Pointe Apartments and 17 Broad Apartments, both in Chattanooga. All three properties are owned by Delaware statutory trusts sponsored by Capital Square. This is Capital Square Living’s first step into the Tennessee multifamily market, where it plans to continue to expand its presence.
“This is an exciting time at Capital Square, when we assume management of some of the most desirable properties in the portfolio,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “By managing the Tennessee properties, Capital Square’s investors will benefit from greater economies of scale and a dedicated management team from acquisition through disposition.”
Lullwater at Big Ridge is a 250-unit multifamily community located in Hamilton County and the Greater Chattanooga metropolitan area. The gated community features floorplans that average 1,186 square feet and boast unique interior finishes, including large open kitchens with wraparound granite countertops, faux wood vinyl flooring, stainless steel appliances and more. Lullwater at Big Ridge is conveniently located off of Hixson Pike, one street from a Publix-anchored shopping center.
Marina Pointe Apartments is a Class B+ multifamily community with large floorplans and strong resident demographics. The 308-unit community is located within an affluent submarket of Chattanooga adjacent to Lake Chickamauga and Tennessee Valley Authority (TVA) Big Ridge Small Wild Area, providing residents access to multiple outdoor amenities in a serene lakeside setting. Marina Pointe Apartments is approximately 15 minutes from Chattanooga’s two main employment centers, Enterprise South Industrial Park, home to Amazon and Volkswagen plants, and downtown Chattanooga, home to BlueCross BlueShield of Tennessee and over 60,000 employees.
17 Broad Apartments is a 158-unit luxury apartment community with spacious floorplans and outstanding contemporary architectural design. Centrally located in the downtown core, this highly amenitized property is within walking distance of numerous employment centers, entertainment venues, cultural attractions and dining and beverage options. 17 Broad Apartments is within half a mile of U.S. Route 27 and Interstate 24, providing residents with quick connectivity to other parts of the Chattanooga metropolitan area. Among nearby entertainment venues is the 20,412-seat Finley Stadium, which hosts sporting events and concerts.
“Capital Square’s longstanding mission has been to build legacies for our residents and bring value for our investors, and we are thrilled to continue to do so as we expand Capital Square Living’s footprint into Tennessee,” said Gus Remppies, president of Capital Square Living. “Our vertically integrated business model will improve the living experience for residents by providing best-in-class amenities and outstanding customer service.”
Capital Square Living is in the process of assuming management of 47 multifamily communities comprised of 11,862 units owned by Capital Square’s affiliated DST programs, opportunity zone funds and apartment real estate investment trust (REIT). Capital Square Living currently manages 33 residential communities comprised of more than 8,300 units.
By fall of 2024, Capital Square Living expects to manage over 47 residential communities comprised of more than 11,000 units in 18 markets across seven states and 25 cities. The firm provides comprehensive, state-of-the-art management services, including operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.
About Capital Square Living
Capital Square Living launched in late 2022 as a wholly owned subsidiary of Capital Square, overseeing property management functions for the company’s growing multifamily portfolio. The firm currently oversees the management of 33 apartment communities comprised of approximately 8,300 units throughout the Southeastern United States. To learn more, visit www.CapitalSquareLiving.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 units with a total gross asset value of $730 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 Workplaces.” 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 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. Private placements are speculative. Diversification does not guarantee profits or protect against losses.
