RICHMOND, Va., Dec. 14, 2016 (GLOBE NEWSWIRE) -- Capital Square 1031 and Kay Properties & Investments announced today the acquisition of the Maple Springs Apartments, a 268-unit multi-family community located in Richmond, Virginia’s West End.
Maple Springs Apartments is comprised of 23 two-story residential buildings and a clubhouse, situated on 18.5 acres of land. Located at 5624 Maple Run Lane, the community features a mix of studio, one-, and two-bedroom units ranging in size from 434 square feet to 864 square feet. Maple Springs Apartments includes 425 parking spaces. The property was approximately 95 percent occupied at the time of acquisition.
“Prior to Capital Square and Kay’s combined acquisition of Maple Springs Apartments, the seller completed extensive common area and interior apartment upgrades which have positioned the property as a high quality apartment community,” said Seth Harris, executive vice president and head of acquisitions at Capital Square 1031.
“Adding to its attractiveness, the community enjoys an enviable location in Richmond’s West End, one of the city’s top residential markets that has consistently achieved strong rent growth and low vacancy rates. Capital Square is pleased to add this property to its assets under management, now including 58 real estate assets valued at approximately $566 million, based on investment cost,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
Maple Springs Apartments is surrounded by employment centers, medical services, shopping, schools, recreation and entertainment options for residents. Community amenities include a clubhouse with Wi-Fi, a fitness center, lounge, coffee bar and tanning salon. The property also features a two-tiered swimming pool with a waterfall and hot tub, tennis and volleyball courts, a grill/picnic area, walking/biking trails and a dog park. Interior unit amenities include a washer/dryer set, walk-in closets, ceiling fans and fireplaces with mantles. Second-floor units also feature vaulted ceilings.
Maple Springs Apartments is part of a Delaware statutory trust (DST) offering, CS1031/Kay Maple Springs Apartments, DST.
“We are excited to partner with Capital Square on another joint venture DST offering,” said Dwight Kay, founder and chief executive officer of Kay Properties & Investments. “The CS1031/Kay Maple Springs Apartments, DST is a high quality multi-family opportunity that we believe to be well located as it is across the street from the Parham Doctors’ Hospital and just minutes from the Innsbrook Corporate Center, an 8-million-square-foot office park with approximately 20,000 employees. We were attracted to Maple Springs due to its favorable purchase price per unit along with our new, 10-year loan from Fannie Mae, which is fixed at 3.5 percent.”
With an area population of 1.3 million and approximately 225,000 residents within the city, the Richmond metropolitan statistical area has produced nearly six years of year-over-year employment growth. According to the Bureau of Labor Statistics, the Richmond metro area added 20,100 jobs for the year ending July 2016, reflecting an annual growth of 3.1 percent. As of September 2016, the metropolitan area has an unemployment rate of 4.1 percent, 90 basis points lower than the U.S. average during the same month. The city is home to one of 12 Federal Reserve Banks and the United States Court of Appeals for the Fourth Circuit. There are 10 Fortune 1000 Companies within Richmond, including Altria Group, CarMax, Dominion Resources, Genworth, Owens and Minor, WestRock, Markel, Brink’s, Universal and NewMarket.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. 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. As of November 30, the firm oversees a growing national portfolio of 58 real estate assets valued at approximately $566 million (based on investment cost). In September 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense, with 274 percent annual revenue growth from 2013 to 2015. To learn more, visit www.CapitalSquare1031.com.
About Kay Properties and Investments
Kay Properties. Kay Properties & Investments, LLC is a provider of DST brokerage and advisory services
headquartered in Los Angeles, CA (Palos Verdes Estates) with offices in New York, NY and Washington, D.C. Registered Representatives at Kay Properties specialize in helping 1031 exchange clients throughout the country purchase DST properties. Mr. Kay and his team are members of FINRA, licensed with Colorado Financial Services Corporation and are securities licensed in all 50 states.
Risks and Disclosures:
The CS1031/Kay Maple Springs Apartments DST is a Regulation D, Rule 506(c) offering and available to accredited investors (generally described as having a net worth of over $1 million dollars exclusive of primary residence) and accredited entities only. If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your CPA and Attorney prior to considering an investment.
The information herein has been prepared for educational purposes only and does not constitute an offer to purchase securities or real estate investments. Such offers are only made through the sponsors Private Placement Memorandum (PPM) which is solely available to accredited investors and accredited entities.
IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax concepts, therefore you should consult your legal or tax professional regarding the specifics of your particular situation prior to considering an investment.
This material is not to be interpreted as tax or legal advice. Please speak with your own tax and legal advisors for advice/guidance regarding your particular situation.
There are risks associated with investing in real estate and Delaware Statutory Trust (DST) properties including, but not limited to, loss of entire investment principal, declining market values, tenant vacancies and illiquidity.
Investors should read the PPM carefully before investing paying special attention to the risk section.
All DST properties are subject to availability. There can be no assurance that any DST property will be available for purchase.
Because investors situations and objectives vary this information is not intended to indicate suitability for any particular investor.
Please speak with your CPA and Attorney to determine if an investment in real estate and DST properties is suitable for your particular situation/circumstances.
Past performance is not indicative of future returns. Potential cash flows/returns/appreciation are not guaranteed and could be lower than anticipated.
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Source:Capital Square1031, LLC;Kay Properties & Investments, LLC