January 24, 2019
Capital Square 1031, a real estate investment and management firm specializing in Delaware statutory trust offerings, has sold the Crossroads Apartments, a 316-unit multifamily community in Phoenix, Arizona, for an undisclosed amount.
“The property was owned by a group of DST investors who realized over 131 percent total return of equity and more than 18 percent annualized total return on equity from their 1031 exchange investment,” the company said in a statement.
“We are pleased to announce the successful sale of Crossroads Apartments for a record price, which took this DST offering full-cycle in less than three years and provided investors with an exceptional return from cash flow and capital appreciation,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
He added, “Most DST investors reinvested in another Capital Square DST as their 1031 replacement property continuing the tax deferral. This is the third successful sale of a DST property in only seven months and Capital Square has a number of other DST properties teed up for sale this year, all ahead of schedule.”
Located in the Deer Valley submarket of Phoenix, Crossroads Apartments is a multifamily community that consists of 18 buildings, along with two swimming pools with a sundeck and cabana, lighted tennis and basketball courts, covered playground, clubhouse and leasing center, gated entry, and covered parking.
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