November 16, 2020
Capital Square 1031, a sponsor of Delaware statutory trust (DST) offerings, has sold Perry Place, a 70-unit, multifamily community in Richmond, Virginia.
The company indicated that the property was held for less than five years and owned by a group of DST investors who realized approximately 143.5 percent total return on equity, or an 8.99 percent annualized return.
“Capital Square acquires Class A and B multifamily properties for the 1031/DST program,” said Louis Rogers, founder and chief executive officer. “The Class B properties are acquired with a value-add strategy to increase the rent and add value over the holding period by making strategic improvements. Capital Square completed the Perry Place improvements ahead of schedule and was able to exit early…”
Since 2018, Capital Square has taken 10 DST offerings full cycle that have resulted in an average 12.51 percent annual return and an average 154.4 percent return on equity, the company said.
Located within Richmond’s Manchester Arts District, Perry Place is situated on approximately 1.2 acres of land. The community has one-, two- and three-bedroom units with views of the James River and the downtown skyline. Property amenities include 24-hour controlled access, an outdoor swimming pool, a community roof deck area, club room, and fitness center.
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- On November 16, 2020