Capital Square 1031 Says REIT for Lawrenceville MF Fully Subscribed
"This is an excellent example of Capital Square 1031's strategy – helping investors acquire an interest in a higher quality replacement property than they could afford to purchase on their own," says Louis Rogers of Capital Square 1031.
ATLANTA, GA—Capital Square 1031 says its newest real estate investment trust vehicle, CS1031 Fairway View Apartments, DST, which owns a 243-unit multifamily community in Greater-Atlanta, has been fully subscribed by 42 investors.
Situated on more than 20 acres, Fairway View Apartments is located at 3345 Fairway Oaks Drive in Lawrenceville, GA, and consists of 26 two- and three-story residential buildings, as well as standalone clubhouse/office, laundry and maintenance buildings. The property features golf course views, a coffee and tea bar, playground, sports court, swimming pool, grill/picnic area, pet walk and care stations, outdoor amenity area, laundry facility and more. The property’s one-, two-, three- and four-bedroom units average 1,089 square feet. Fairway View Apartments is approximately 95-percent occupied.
“This is an excellent example of Capital Square 1031′s strategy – helping investors acquire an interest in a higher quality replacement property than they could afford to purchase on their own,” says Louis Rogers, founder and chief executive officer of Capital Square 1031. “We are pleased to have fully subscribed the Fairway View Apartments offering, which provides tax-advantaged real estate ownership and capital appreciation potential to a growing number of Section 1031 exchange investors.”
The property was purchased at an attractive price with favorable 10-year, fixed-rate debt at 3.69 percent from Fannie Mae, generating a solid cash flow for investors. The property qualified for Fannie Mae’s Green Financing Program that reduced ownership’s utility bills and the interest rate on the loan.
The loan was originated by Alexandra Huffman at Walker & Dunlop. It is the fifth loan originated by the Walker & Dunlop team for Capital Square under the DUS loan program.
Since its founding in 2012, Capital Square has helped more than 1,167 investors seek quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code.