April 17, 2020
Capital Square 1031, a sponsor of Delaware statutory trust offerings, announced that CS1031 Bedford Parke Apartments DST, comprised of a 232-unit multifamily property near Macon, Georgia, has been fully subscribed.
“Bedford Parke Apartments is an exceptional property that was 100 percent leased with a waiting list at closing,” said Louis Rogers, founder and chief executive officer. “Capital Square has sponsored 31 multifamily DST offerings, which have been extremely popular among 1031 exchangers and cash investors who seek stable cash flow and appreciation potential.”
Located in Warner Robins, the largest city in Houston County, Georgia, Bedford Parke Apartments is comprised of 277,240 rentable square feet of space. The property has one-, two- and three-bedroom units ranging in size from 850 square feet to 1,438 square feet of space.
“Bedford Parke is a classic illustration of Capital Square’s strategy to purchase Class B, value-add apartments in markets with strong employment growth and affordable rents,” said Whitson Huffman, senior vice president and head of acquisitions. “Bedford Parke benefits from a strong employment base, including Robins Air Force Base, Frito Lay and Perdue Farms. Also, as Capital Square’s value-add strategy is implemented through property upgrades, rents can be raised to increase cash flow and add value to the property.”
Constructed in 2008, Bedford Parke Apartments includes 24 private garages available to rent. Community amenities include an executive business center, fitness center, resident lounge, grilling/picnic area, sauna, sand volleyball court, playground, pool with sundeck and picnic pavilion, laundry facility, covered car-care center, rentable storage units, fenced perimeter and gated community access.
Since inception, Capital Square has acquired 107 real estate assets for more than 2,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
To read the full article, click here.