June 3, 2020
Capital Square 1031 has announced that CS1031 MOB TX V, DST has been fully subscribed. This Regulation D private placement is comprised of two newly constructed medical buildings located in San Antonio and the Austin, Texas, suburb of Round Rock.
“Medical real estate is one of the most desirable asset classes today because it is not correlated to the general economy and has proven to be recession-resistant,” said Louis Rogers, founder and CEO. “Medical properties in prosperous submarkets of Texas are even more desirable due to a growing population in need of medical services and no state income tax. The package of two newly constructed medical properties built-to-suit for an established medical tenant in Austin and San Antonio explains why this offering was fully subscribed in record time.”
The medical portfolio is comprised of:
- 5150 N. A.W. Grimes Blvd., an approximately 15,000-square-foot, 16-bed facility situated on nearly 2.7 acres of land in Round Rock
- 18931 Hardy Oak Blvd., an approximately 20,000-square-foot, 24-bed facility situated on 2.6 acres of land in San Antonio
Each property was built-to-suit in 2018 for NeuroRestorative’s use as a post-acute, neuro-rehabilitation facility. NeuroRestorative is the leading provider of subacute and post-acute rehabilitation services for people with brain, spinal cord and medically complex injuries, illnesses and other challenges, offering a continuum of care and rehabilitation options. The company provides specialized services for infants, children, adolescents, military service members and veterans. NeuroRestorative is a subsidiary of The MENTOR Network, the leading national provider of home- and community-based health and human services to individuals with intellectual, developmental, physical or behavioral disabilities and other special needs.
Since inception, Capital Square has acquired 107 real estate assets for more than 2,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.