Capital Square 1031 Completes DST Offering of 288-Unit Multifamily Community in Virginia Beach
VIRGINIA BEACH, Va. (Oct. 22, 2019) – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings, announced today 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.
“The Woodshire Apartments DST is another high-quality real estate offering that most investors could not acquire on their own, but can acquire a DST interest in the property and qualify for Section 1031 exchange treatment for only $50,000,” said Louis Rogers, founder and chief executive officer. “Also, property sourcing, loan origination, due diligence, asset management and other time-consuming steps are all thoroughly executed by Capital Square 1031 on a turn-key basis, making this a truly passive investment.”
Located at 149 South Budding Ave., 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. 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 quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
About Capital Square 1031
Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Capital Square has completed over $1.5 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. 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. In 2017, 2018 and 2019, Capital Square was awarded by Inc. 5000 as one of the fastest growing companies. In 2017 and 2018, the company was also ranked on Richmond BizSense’s list of fastest growing companies. In 2019, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” and “Fantastic 50” reports. To learn more, visit www.CapitalSquare1031.com.
