Capital Square 1031 Completes DST/1031 Exchange Offering of 220-Unit Multi-Family Community in San Antonio
| Source: Capital Square 1031, LLC
SAN ANTONIO, Dec. 12, 2016 (GLOBE NEWSWIRE) — Capital Square 1031 announced today that its Delaware statutory trust offering, CS1031 Canopy Apartments, DST, comprised of The Canopy, a 220-unit multi-family community in the north central submarket of San Antonio, has been fully subscribed by investors.
CS1031 Canopy Apartments, DST is the 25th DST the firm has closed since its founding in late 2012.
Approximately 97 percent leased, The Canopy includes 13 two- and three-story residential buildings, as well as a clubhouse with fitness and business centers. The community sits on 8.6 acres of land located at 950 Bitters Road East, approximately one-quarter mile from U.S. Highway 281. Residents and visitors also can access The Canopy via Interstates 410, 35 and 10, as well as Texas State Highway Loop 1604. The property features 272 parking spaces.
The property was acquired in July 2016 with a fixed interested rate of 3.73 percent for 10 years under the Federal National Mortgage Associate Delegated Underwriting and Servicing loan program.
“The Canopy is an attractive multi-family property with an extensive amenity package,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Residents of the community enjoy convenient access to numerous employment centers, as well as medical, retail, entertainment and recreational amenities.”
The Canopy is surrounded by a concentration of medical services and employment centers, including Valero Services, USAA Insurance, the University of Texas, San Antonio, and the South Texas Medical Center.
Rogers added, “The Canopy is a desirable asset due to its location in a stable, income tax-free state, and within a growing city that has recently received numerous awards for professional development, comprehensive lifestyle amenities and overall economic performance.”
Unit amenities include washer/dryer connections, a fireplace, mosaic tile backsplash and vaulted ceilings. Select units include fenced yards, a stackable washer/dryer, patio/balcony and rainfall shower. In addition to the fitness and business centers, community amenities comprise a coffee bar and Wi-Fi; two swimming pools with furniture, a sundeck and grills; coin-operated laundry facilities; a fenced pet park and a picnic area. The property is near the 1.2-million-square-foot North Star Mall, Park North retail center, Starbucks, Target, Home Depot and Office Depot. It is also located one mile from McAllister Park, a public park with sports fields, dog parks and numerous jogging trails spread over 900 acres of wooded land.
San Antonio is the seventh-largest city in the United States, well-known for its Riverwalk and world-class theme parks. In 2014, San Antonio received three number one rankings by Forbes on its lists of “Best Cities for Millennials,” “U.S. Metro Area Gaining College Graduates Most Rapidly” and “Best Cities for Young Graduates.” That same year, it also ranked second on Forbes’ list of “Large Cities Stealing Jobs from Wall Street” and New Geography’s “Best Large Cities for Finance Jobs.”
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of November 30, the firm oversees a growing national portfolio of 58 real estate assets valued at approximately $591 million (based on investment cost). In September 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense, with 274 percent annual revenue growth from 2013 to 2015. To learn more, visit www.CapitalSquare1031.com.
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