TUCSON, Ariz., March 29, 2016 (GLOBE NEWSWIRE) -- Capital Square 1031 announced today that the company has acquired Galeria del Rio, a 101-unit townhome community with a variety of amenities in Tucson, Ariz.
Located at 5132 N. Prairie Clover Trail, Galeria del Rio includes 35 two-story buildings and a community clubhouse. The two-story luxury townhomes range in size from three-bedroom to four-bedroom units, each complete with 2.5 bathrooms, an attached two-car garage and a small private enclosed back yard. The property, completed in December 2014, is situated on approximately 11.5 acres of land.
“Galeria Del Rio is located in Arizona’s second largest city, a dynamic market anchored by the University of Arizona and home to employers in the national defense industry and hospitals, including Northwest Medical Center,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The community’s central location provides easy access to employment centers and to the many social and recreational opportunities in Pima County.”
Property amenities include a neighborhood center with gourmet coffee bar, complimentary Wi-Fi hotspots, guest computers and scanner, pool and spa with gas barbecues, and a community dog park. Galeria Del Rio is centrally located near the University of Arizona, the second largest employer in the city. The community was 94 percent occupied at the time of acquisition.
“This acquisition affirms Capital Square’s commitment to the multifamily sector, a property type we are bullish on given the overwhelming demographic support and resettling of the housing sector since the Great Recession,” said Yogi Singh, director of acquisitions with Capital Square 1031. “We are pleased to add this attractive property to our rapidly expanding national portfolio. We are also excited to continue to expand our lender relationships and couldn’t have been more pleased with the permanent financing we received on this asset from Fannie Mae, with the assistance of Newmark Grubb Knight Frank’s expert lending team based in Chicago, led by Managing Director Adam Levinson.”
The city of Tucson is also home to many technology companies, including Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Honeywell and Universal Avionics. According to the University of Arizona’s website, the university is a super land-grant institution that generates more than $580 million in research investment each year. The University of Arizona’s College of Medicine ranked No. 1 in U.S. News & World Report’s “Best Graduate Schools 2016.”
About Capital Square 1031
Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. As of December 31, 2015, the company oversees a growing national portfolio of 39 real estate assets valued at approximately $370 million (based on investment cost). Louis J. Rogers, founder and chief executive officer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts. To learn more, visit www.CapitalSquare1031.com.
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Source:Capital Square1031, LLC