Capitol Square 1031 has acquired Virginia Beach, Virginia-based Woodshire Apartments, a 288-unit multifamily property. No financial terms were disclosed.
VIRGINIA BEACH, Va. (Jan. 10, 2019) – Capital Square 1031, a leading real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, announced today its acquisition of Woodshire Apartments, a 288-unit multifamily property located in Virginia Beach, Virginia.
“Woodshire Apartments is strategically located near the major employment centers of Virginia Beach and is just minutes away from the Port of Virginia, which generates an estimated $17.5 billion in annual income. The port, along with the military presence in the area, provides exceptional stability to the regional economy,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Similar to Capital Square’s previous acquisitions, the property was purchased for a Delaware statutory trust offering, primarily for Section 1031 exchange investors. We are pleased to add this property to our portfolio of 73 properties and to provide this investment opportunity to our growing number of investors across the nation.”
Located at 149 South Budding Ave., Woodshire Apartments is comprised of 20 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 900 square feet to 1,300 square feet. Situated on 19.1 acres of land, the community was originally constructed in 1975 and was substantially renovated from 2017 to 2018.
Whitson Huffman, vice president of acquisitions, said “Woodshire Apartments is uniquely positioned within one mile of Town Center of Virginia Beach and Pembroke Mall, which have more than 800,000 square feet of retail space and affords residents unmatched access to retail amenities. In addition, Capital Square 1031 will continue its proven value-add strategy to enhance cash flow and investment value for investors.”
Since inception, Capital Square 1031 has sponsored 53 DSTs and has completed approximately $955 million in transaction volume.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. The company acquires multifamily properties for growth, necessary medical properties for stable income, and other real estate investments (sale/leasebacks, headquarters, offices and facilities) that have the potential to provide exceptional risk adjusted returns. By acquiring a portfolio of DSTs, investors are able to diversify and reduce the risk they would face with a single asset investment. Capital Square aims to provide real estate investors greater access to quality investments and financial planning tools to better manage and mitigate risk.
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. Since inception, the firm has sponsored 53 DSTs and has completed approximately $955 million in transaction volume. To learn more, visit www.CapitalSquare1031.com.