Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced today the sale of Bridgeview Apartments, a 348-unit multifamily community in Tampa, Florida. The property was owned by a group of DST investors who realized over 141 percent total return of equity and nearly 15 percent annualized total return on equity from their 1031 exchange investment.
“We are pleased to announce the successful sale of Bridgeview Apartments for a record price, which took this DST offering full-cycle in less than five years and provided investors with a handsome return from cash flow and capital appreciation,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The Bridgeview sale validates Capital Square’s strategy of buying well-located, “B” apartment communities in the Southeast. This demonstrates Capital Square’s ability to execute its business plan – to successfully buy, manage and sell investment-grade properties. Capital Square also has a number of other DST properties teed up for sale this year, all ahead of schedule.”
Located at 5307 Reflections Club Drive, Bridgeview Apartments is a garden-style community that consists of 17 wood-framed and stucco residential buildings ranging between two and three stories. The property features a clubhouse with a business center, resort-style pool, playground, fitness center and tennis and racquetball courts. Bridgeview is nestled within a serene park-like setting with three onsite lakes, strategically located in a prime infill location within Tampa’s metropolitan statistical area.
According to Mike Waddell, president of Capital Square: “The strategic and profitable sale of DST properties timely captures appreciation for our investors, successfully completing their investment lifecycle. This is critical to the growth of Capital Square into a billion-dollar national real estate company.”
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