Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings, announced today that CS1031 Misty Ridge Apartments, DST has been fully subscribed. The Reg. D private placement investment offering raised approximately $40.95 million in equity.
"Misty Ridge Apartments is another Class B, value-add apartment community that works exceptionally well for Section 1031 exchange and cash investors seeking stable returns and appreciation," said Louis Rogers, founder and chief executive officer. "By making strategic upgrades, Capital Square is able to increase the rent over time, which results in an increasing net operating income. As NOI increases, so do distributions to investors and the property's valuation."
Located at 1989 Delaware Drive, Misty Ridge Apartments is a garden-style multifamily community situated on approximately 26 acres of land. Constructed in 1989, the community has one- and two-bedroom floorplans ranging in size from 786 square feet to 814 square feet. Community amenities include a resort-style swimming pool, fitness center, tennis court, dog park, business center, playground, outdoor kitchen and private patios.
Misty Ridge Apartments, which has rail access to Alexandria, Arlington and downtown Washington D.C. via the Virginia Railway Express, is an approximately 30-minute drive from the Amazon HQ2 campus where roughly 25,000 jobs will be created.
"Misty Ridge has benefited from stable occupancy due to its location near numerous employment centers in northern Virginia," said Whitson Huffman, senior vice president and head of acquisitions. "The addition of Amazon HQ2 to the broader area is expected to drive economic value and rents in the multifamily market. Misty Ridge is also conveniently located near the VRE, a commuter rail system with easy access to HQ2 and downtown Washington, D.C."
Since inception, Capital Square has acquired 107 real estate assets for more than 2,000 investors nationwide seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code as well as for investors seeking cash flow and appreciation potential.
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