Capital Square 1031 Completes DST Offering of Virginia Beach Multifamily Property
October 23, 2019
Capital Square 1031, a sponsor of Delaware statutory trust offerings, announced that CS1031 Woodshire Apartments DST, comprised of a 288-unit multifamily property located in Virginia Beach, Virginia, has been fully subscribed by 68 Section 1031 exchange investors.
Woodshire Apartments is comprised of 20 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 900 square feet to 1,300 square feet. Situated on 19.1 acres of land, Woodshire Apartments was originally constructed in 1975 and was substantially renovated from 2017 to 2018.
“Woodshire Apartments is exceptionally stable due to the military presence in the region,” said Whitson Huffman, senior vice president and head of acquisitions. “The property is strategically located near the major employment centers of Virginia Beach and just minutes from the Port of Virginia, which generates more than $17 billion in annual income.”
Huffman added, “The property also benefits from its proximity to 800,000 square feet of retail space, providing tenants with unmatched access to retail amenities. In addition, the investment benefits from another extremely favorable acquisition loan from Fannie Mae with a 4.47 percent interest rate that is fixed for 10 years.”
Since inception, Capital Square has acquired 86 real estate assets for approximately 2,000 investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
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