Capital Square 1031 Fully Subscribes DST Offering of Newly Constructed Class A+ Multifamily Community in Richmond, Virginia
RICHMOND, Va. (Sept. 14 , 2020) – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced today that its offering, CS1031 2000 West Creek Apartments, DST, has been fully subscribed. The Regulation D private placement is comprised of 2000 West Creek, a 373-unit, newly constructed Class A+ multifamily community in Richmond, Virginia.
“West Creek Apartments is the finest quality Class A+ apartment community in the Richmond, Virginia area, near Capital Square’s headquarters,” said Louis Rogers, founder and chief executive officer. “Capital Square is known for acquiring Class B apartment communities in the Southeast that generate stable cash flow and appreciation potential for both DST/1031 exchange and cash investors. West Creek and similar acquisitions reflect an evolution in strategy, in which Capital Square is acquiring the best newly constructed, fully stabilized Class A apartment communities in key markets with cash flow parameters similar to Class B properties. This reinforces Capital Square’s mantra of diversification by permitting 1031 exchange and cash investors to acquire a portfolio of apartment communities to reduce the concentrated risk of making a single investment.”
Rogers added, “In this way, Capital Square’s investors can acquire a portfolio of apartment communities across the Southeast that include highly amenitized, new Class A apartment communities along with older Class B communities that have a lower rent schedule and exceptional appreciation potential from improvements to be made during the holding period.”
Located at 2000 Broad Branch Circle, 2000 West Creek is situated on approximately 23 acres of land and is comprised of 373,251 square feet of space. Constructed in 2018 and leased up in 2019, the multifamily community has one- and two-bedroom floorplans, ranging in size from 774 square feet to 1,246 square feet of space. The property is adjacent to West Creek Business Park, where more than 10,000 employees work, and which encompasses more than 2.1 million square feet of office space. The property is also in proximity to the University of Richmond, Virginia Commonwealth University and Randolph Macon College.
The community features best-in-class amenities, including reserved and garage parking; climate-controlled, rentable storage units; bike storage; a coffee bar; conference and meeting rooms; a community lounge and clubhouse; saltwater swimming pool that is heated year-round; a firepit and grilling stations. Additional amenities include a package and storage system; gift wrapping station; fitness center; dog park and pet spa; media lounge; billiards/game room; controlled access as well as a resident convenience center.
“Class A communities, such as West Creek, are extremely stable and work well for the 1031/DST program since most features of the community are new and under warranty,” said Whitson Huffman, chief strategy and investment officer. “Dramatically reduced capital needs for this new property coupled with the strong growth trajectory of the Richmond market make it a compelling investment profile.”
Since inception, Capital Square has acquired 113 real estate assets for approximately 2,200 investors nationwide seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking cash flow and appreciation potential.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. To date, Capital Square has completed more than $2 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. Since 2017, Capital Square has been 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.
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