April 29, 2020
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has launched a Regulation D private placement offering, CS1031 Abbington Place Apartments DST, comprised of Abbington Place Apartments, a Class B+, 360-unit multifamily community located in Greensboro, North Carolina. The offering seeks to raise $26 million in equity from accredited investors with a minimum investment of $50,000.
“[Abbington Place] reflects the many attributes that Capital Square seeks in a Class B apartment community to produce stable returns with appreciation potential for 1031 exchange and cash investors,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property is well-maintained, enjoys high occupancy of over 96 percent, is located in a desirable area and has limited local competition. A 2.99 percent fixed interest rate on a 10-year loan from Fannie Mae is the icing on the cake.”
Abbington Place Apartments is comprised of 413,400 square feet of space with one-, two- and three-bedroom units ranging in size from 823 square feet to 1,418 square feet of space.
Situated on 37.5 acres of land, the property includes 30 residential buildings. Community amenities include a business center, car care center, clubhouse with leasing office, dog park, fitness center, playground, sand volleyball court, swimming pool, bike pavilion, storage units, mail center, maintenance building, two tennis courts, four garage buildings and controlled access gates.
“Abbington Place is well-located near major employers and features easy access to the Piedmont International Airport and extensive retail options,” said Whitson Huffman, senior vice president and head of acquisitions. “Capital Square was also attracted to the property’s potential for organic rent increases resulting from a limited supply of new, competing multifamily product in the area and the seller’s investment of over $3.8 million in capital upgrades.”
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