Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today that its offering, CS1031 Lakeside on Riverwatch Apartments, DST, has been fully subscribed. The Regulation D private placement, which raised nearly $26.8 million from accredited investors, is comprised of a 200-unit garden-style multifamily community in the Augusta suburb of Martinez, Georgia.
“This is another successful close out of a multifamily DST offering designed primarily for investors completing tax-deferred exchanges under Section 1031 of the Internal Revenue Code. This brings the total DST portfolio to 55 multifamily, 14 manufactured housing and 71 commercial assets with an aggregate occupancy of over 95%,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Multifamily properties have realized gross rent collections of approximately 99% per month. The performance has been exceptional.”
Located at 4300 River Watch Parkway, the 19.28-acre property is ideally situated between Atlanta and Columbia along Interstate 20, with easy access to Interstates 95 and 77. The apartment community offers one-, two- and three-bedroom units averaging 1,109 square feet that feature new black or stainless-steel kitchen appliances, resurfaced countertops, faux wood vinyl flooring, kitchen backsplashes and updated lighting fixtures. Community amenities include a recently renovated clubhouse and fitness center, a swimming pool with a sundeck, grilling area, package delivery room, and a dog park featuring an agility course and washing station.
Multiple retail outlets, including Publix, Kroger, Target and Walmart, are located within two miles of the property along Washington Road, a major local thoroughfare. Evans Towne Center Park, which features a splash pad, paved track and playground, as well as the Columbia County Performing Arts Center, are also within two miles of Lakeside on Riverwatch Apartments. Riverside Park, where residents can access the Savannah River and enjoy boating, fishing and other water-related activities, is just five miles from the property.
“Lakeside on Riverwatch is an exceptional multifamily community uniquely located in the midst of Augusta’s scenic Savannah River basin and the city’s thriving economic sector,” said Whitson Huffman, co-chief executive officer. “The region remains robust, with low unemployment, healthy rent growth and consistently strong demand for quality rental living from the city’s large population of affluent young professionals.”
Capital Square is an active owner of multifamily communities in Georgia. For example, Capital Square acquired Brighton Woodstock BFR Housing, a build-for-rent, 100-unit townhome community in the Atlanta suburb of Acworth, Georgia. The community was acquired on behalf of CS1031 Brighton Woodstock BFR Housing, DST, which is currently raising up to $22.5 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Since its founding in 2012, Capital Square has acquired 170 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
( This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.prnewswire.com/news-releases/capital-square-fully-subscribes-dst-offering-of-multifamily-community-near-augusta-georgia-301819295.html )