The acquisition is for a DST investment offering that seeks to raise $35.5 million in equity from accredited investors.
Chesapeake, Va. (Mar. 24, 2021) Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced today the acquisition of Streets of Greenbrier, a 280-unit multifamily community in Chesapeake, Virginia, a city in the Hampton Roads region. The property was acquired for CS1031 Streets of Greenbrier Apartments, DST, a Reg. D private placement.
“Chesapeake is part of Virginia’s Hampton Roads region, which includes the neighboring cities of Norfolk, Virginia Beach, Portsmouth, Suffolk, Hampton and Newport News,” said Louis Rogers, founder and chief executive officer of Capital Square. “Together, these cities complete a dynamic MSA of nearly 1.8 million people, with a large and growing millennial population. The region has one of the highest percentages of residents in the prime rental ages of 20 and 35 and was recently ranked by Time Magazine as the number one region in the Unites States for attracting millennials.”
Located at 929 Wintercress Way, Streets of Greenbrier was constructed in 2013 on 13.78 acres of land. The community consists of nine residential buildings and includes studio, one-, two- and three-bedroom units ranging in size from 516 square feet to 1,286 square feet.
Rogers added, “Capital Square is bullish on our home state of Virginia, which has a booming economy, increasing employment base and growing need for quality housing. Forbes recently ranked Virginia as the fourth best state for business. Amazon is a recent illustration, bringing 25,000 jobs to the state with its $2.5 billion HQ2 development.1”
Community amenities include pocket parks with covered swings and grilling stations, a sun deck with Wi-Fi access, a grand oasis-style pool, 24-hour fitness center, poolside grilling area, an outdoor poolside fireplace and TV, as well as a fireplace lounge. Additional amenities include a billiards area, dog park, picnic area near a pond, a free car wash/car vacuum station, valet waste service and onsite recycling.
CS1031 Streets of Greenbrier Apartments, DST seeks to raise $35.5 million in equity from accredited investors and has a minimum investment of $50,000.
“Streets of Greenbrier is a quality community, well-located in the transportation hub of the Hampton Roads region, allowing residents to capitalize on immediate access to major employers, as well as high-quality retail, dining and entertainment options,” said Whitson Huffman, chief strategy and investment officer. “The community provides residents with convenient access to Interstates 64, 264, 464 and 664 – four major Virginia highways. Through a light value-add strategy, Capital Square intends to increase revenue and the residual value of the property.”
Chesapeake was in the top-five list for the most rent growth last year, with rents up 8.4% year-over-year as of January 2021, according to Apartment List.2 The Hampton Roads region is projected to have strong occupancy and rent growth through 2021. Additionally, rental demand is expected to outpace new deliveries, keeping occupancy at historically high levels, according to Colliers Virginia’s “2021 Outlook: Multifamily, Industrial, and Suburban Office Markets in Virginia Remain Vibrant.”
Since the company was founded, Capital Square has acquired 126 real estate assets for over 3,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
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. Since 2012, Capital Square has completed more than $2.7 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 recognized by Inc. 5000 as one of the fastest growing companies in the nation for four 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. To learn more, visit www.CapitalSquare1031.com.
2. Apartment List – January 27, 2021 Report
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. Diversification does not guarantee profits or protect against losses.