Capital Square Acquires Two-Property Multifamily Portfolio in Asheville, North Carolina for DST Offering

The acquisition is on behalf of a Delaware statutory belief funding providing that seeks to lift $73.1 million in fairness from accredited buyers

ASHEVILLE, N.C., Sept. 8, 2022 /PRNewswire/ — Capital Sq., one of many nation’s main sponsors of tax-advantaged actual property investments and a developer of mixed-use multifamily communities, in the present day introduced the acquisition of Asheville NC House Portfolio, a two-property multifamily portfolio comprised of a complete of 305 house houses in Asheville, North Carolina. The portfolio was acquired on behalf of CS1031 Asheville NC House Portfolio, DST, a personal placement providing that seeks to lift $73.1 million in fairness from accredited buyers and has a minimal funding requirement of $50,000.

“As soon as once more, Capital Sq. stays forward of the curve with this two-property multifamily acquisition in Asheville, North Carolina,” mentioned Louis Rogers, founder and chief govt officer of Capital Sq.. “Asheville has a robust financial system in a bucolic surroundings. With house rents growing 25%, Asheville has skilled the strongest development in multifamily rental charges of any metro in North Carolina, in response to WTVD. This makes the Asheville NC House Portfolio a wonderful possibility for buyers searching for steady money circulation and appreciation.”

Asheville NC House Portfolio contains the 253-unit River Mill Lofts, situated at 100 River Mill Drive, and the 52-unit Skyloft Residences, situated close by at 500 S Skyloft Drive. The ten.887-acre portfolio affords one-, two- and three-bedroom items averaging 1,120 sq. toes. The spacious floorplans embrace high-end finishes equivalent to granite counter tops, stainless-steel home equipment and subway tile backsplashes. Neighborhood facilities at River Mill Loft embrace entry to the scenic Swannanoa River, a well-appointed clubhouse and a swimming pool. Skyloft Residences residents could get pleasure from an outside hearth pit and neighborhood grilling space and a fenced pet park. Each properties are inside a ten-minute drive of downtown Asheville.

Recognized for its sweeping mountain views and delightful surroundings, Larger Asheville is house to greater than 1,000,000 acres of protected wilderness, providing climbing, biking, paddling and plenty of different actions to its residents. Mission Well being, an working division of HCA Healthcare, and North Carolina’s largest well being system is situated in Asheville. The system’s flagship medical middle, an 815-bed Mission Hospital, is lower than two miles from every property. It ranks as the highest employer in Asheville and western North Carolina, using greater than 10,000 folks.¹ Aerospace producer, Pratt & Whitney, is presently investing $650 million to construct a one-million-square-foot superior manufacturing middle, roughly three miles from the property. The power is anticipated to open by the tip of 2022 and is forecasted so as to add 800 native jobs, with an annual payroll of practically $55 million.^1,2

“With a 2.8% unemployment price, historic websites, and beautiful views, Asheville is a compelling location,” mentioned Whitson Huffman, chief technique and funding officer. “The town has a thriving financial system and is a wonderful place for these searching for the prototypical live-work-play steadiness.” 

Biltmore Village, a historic enclave on the entrance to the Biltmore Property, is inside strolling distance of River Mill Lofts. The village was modeled after an English village and options quite a few retailers, practically a dozen eating places and cafes and a number of other craft breweries. Each properties are situated close to downtown Asheville, which is understood for its prolific meals scene, having simply been named the highest meals vacation spot within the U.S. for 2022 by Journey & Leisure.

Michael Saclarides, Devin Bryan and Jacqui Aaron of Cushman & Wakefield have been the brokers within the transaction.

Since its founding in 2012, Capital Sq. has acquired 154 actual property belongings for over 6,000 buyers searching for high quality alternative properties that qualify for tax deferral beneath Part 1031 of the Inside Income Code and different buyers searching for steady money circulation and capital appreciation.

Sources: 1. https://www.ashevillechamber.org/wp-content/uploads/2021/01/EDC-FS-Main-Employers-2021.pdf | 2. https://www.citizen-times.com/story/information/native/2020/10/31/pratt-whitneys-650-m-asheville-plant-expected-spawn-more-investment/6075798002/

About Capital Sq. 
Capital Sq. is a nationwide actual property agency specializing in tax-advantaged actual property investments, together with Delaware statutory trusts for Part 1031 exchanges, certified alternative zone funds for tax deferral and exclusion and an actual property funding belief (REIT). Lately the corporate has change into an energetic developer of multifamily and mixed-use properties within the southeastern US, with 9 present initiatives totaling roughly 2,000 house items with a complete improvement price in extra of $600 million. Since 2012, Capital Sq. has accomplished greater than $6 billion in transaction quantity. Capital Sq.’s associated entities present a spread of providers, together with due diligence, acquisition, mortgage sourcing, property/asset administration, and disposition, for a rising variety of high-net-worth buyers, personal fairness companies, household places of work and institutional buyers. Since 2017, Capital Sq. has been acknowledged by Inc. 5000 as one of many quickest rising corporations within the nation for six consecutive years. In 2017, 2018 and 2020, the corporate was additionally ranked on Richmond BizSense’s checklist of quickest rising corporations. Moreover, Capital Sq. was listed by Virginia Enterprise on their “Finest Locations to Work in Virginia” report in 2019 and their “Implausible 50” experiences in 2019 and 2020. To be taught extra, go to www.CapitalSq.com.

Disclaimer: Securities provided by means of WealthForge Securities, LLC, Member FINRA/SIPC. Capital Sq. and WealthForge Securities, LLC are separate entities. There are materials dangers related to investing in DST properties and actual property securities together with illiquidity, tenant vacancies, basic market situations and competitors, lack of working historical past, rate of interest dangers, the chance of latest provide coming to market and softening rental charges, basic dangers of proudly owning/working business and multifamily properties, quick time period leases related to multi-family properties, financing dangers, potential opposed tax penalties, basic financial dangers, improvement dangers, lengthy maintain durations, and potential lack of your entire funding principal. Previous efficiency will not be a assure of future outcomes. Potential money circulation, returns and appreciation aren’t assured. IRC Part 1031 is a posh tax idea; seek the advice of your authorized or tax skilled relating to the specifics of your explicit state of affairs. This isn’t a solicitation or a proposal to see any securities. Please learn the Non-public Placement Memorandum (PPM) in its entirety, paying cautious consideration to the chance part previous to investing. Diversification doesn’t assure earnings or defend in opposition to losses. Non-public placements are speculative.

SOURCE Capital Sq.