Dec 12, 2016
Capital Square 1031, a sponsor of replacement property for Section 1031 exchanges, announced that its Delaware statutory trust offering, CS1031 Canopy Apartments DST, has been fully subscribed by investors. The offering is comprised of The Canopy, a 220-unit multi-family community in the north central submarket of San Antonio, Texas.
Approximately 97 percent leased, The Canopy includes 13 two- and three-story residential buildings, as well as a clubhouse with fitness and business centers—all situated on 8.6 acres of land. The property is surrounded by a concentration of medical services and employment centers, including Valero Services, USAA Insurance, the University of Texas, San Antonio, and the South Texas Medical Center.
The Canopy was acquired in July 2016 with a fixed interested rate of 3.73 percent for 10 years under the Federal National Mortgage Associate Delegated Underwriting and Servicing loan program.
“The Canopy is an attractive multi-family property with an extensive amenity package,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Residents of the community enjoy convenient access to numerous employment centers, as well as medical, retail, entertainment and recreational amenities.”
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