RICHMOND, Va., March 12, 2019 /PRNewswire/ -- Capital Square 1031, a leading sponsor of Delaware statutory trust investments, announced today that CS1031 Richmond VA Apartments, DST, comprised of Summit at Bon Air Apartments, a 296-unit multifamily community in the Richmond suburb of Bon Air, Virginia, has been fully subscribed by 61 Section 1031 exchange investors.
"This multifamily community is well-located in the region's most populous county, Chesterfield County, and is conveniently situated near the heavily traveled Midlothian Turnpike and Huguenot Road, just 20 minutes from downtown Richmond and a short drive from Capital Square's headquarters," said Louis Rogers, founder and chief executive officer of Capital Square 1031. "Purchased for a Delaware statutory trust offering, the property is surrounded by retail destinations and economic drivers. Capital Square is bullish on Class B multifamily communities that generate stable cash flow and have strong appreciation potential. The community was financed with favorable 10-year fixed rate debt at 4.29% from Fannie Mae. We are pleased to add this multifamily community to our growing Richmond."
Situated on more than 27 acres, Summit at Bon Air Apartments is located at 1701 Irondale Road, and is comprised of 37 residential buildings and a clubhouse. The community was substantially renovated from 2015 to 2017 and includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground and 550 parking spaces.
"This offering featured an exceptional location within the Richmond MSA. It's easy access to retail destinations and employment centers, coupled with the generous unit sizes and interior improvements differentiate it from other Class B apartment communities in the area," said Whitson Huffman, Vice President of Acquisitions.
Sponsoring 54 DST offerings since its founding in 2012, Capital Square has helped more than 1,405 investors seek quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. The company acquires multifamily properties for growth, necessary medical properties for stable income, and other real estate investments (sale/leasebacks, headquarters, offices and facilities) that have the potential to provide exceptional risk adjusted returns. By acquiring a portfolio of DSTs, investors are able to diversify and reduce the risk they would face with a single asset investment. Capital Square aims to provide real estate investors greater access to quality investments and financial planning tools to better manage and mitigate risk.
Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since inception, the firm has sponsored 54 DSTs and has completed approximately $1.02 billion in transaction volume. To learn more, visit www.CapitalSquare1031.com.
SOURCE Capital Square 1031