November 12, 2019
Capital Square 1031, a sponsor of Delaware statutory trust offerings, announced that CS1031 Hickory Creek Apartments DST has been fully subscribed by 55 Section 1031 exchange investors. The equity raise was approximately $23.2 million.
The DST offering is comprised of Hickory Creek Apartments, a 294-unit multifamily property located in Henrico County, a suburb of Richmond.
“This multifamily community has a substantial value-add component through the interior renovation of units and common areas,” said Louis Rogers, founder and chief executive officer.
“The Richmond area is known for being economically stable due to the large presence of government as the state capital, proximity to D.C. and the federal government, and disproportionate number of large companies along with numerous colleges and universities,” he added. “Capital Square has become the largest buyer of multifamily properties in the Richmond area.”
Hickory Creek Apartments is comprised of 19 residential buildings and a clubhouse with a leasing office. Situated on more than 20 acres of land, the community includes one- and two-bedroom floorplans ranging in size from 830 square feet to 1,030 square feet. Community amenities include a swimming pool with sundeck, fitness center, lighted tennis courts, sauna, and dog park, among others.
The company noted that more than $2 million was invested by the previous property owners.
In other news, Capital Square launched CS1031 2000 West Creek Apartments DST at the end of October, as reported by The DI Wire.
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