September 23, 2020
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has launched CS1031 Williamsburg VA Apartments DST, a Regulation D private placement comprised of Elan Williamsburg, a newly constructed, Class A apartment community in Williamsburg, Virginia.
The offering seeks to raise $21.4 million in equity from accredited investors with a minimum investment of $50,000. The acquisition was financed by Fannie Mae with a 2.80 percent fixed rate 10-year loan.
“Elan Williamsburg is the latest in a line of Class A multifamily communities acquired by Capital Square directly from developers following the initial lease-up of the property,” said Louis Rogers, founder and chief executive officer of Capital Square.
Constructed in 2018, Elan Williamsburg is comprised of 198 units, and includes one-, two- and three-bedroom apartments ranging in size from 712 square feet to 1,232 square feet. Situated on approximately nine acres of land, the property has four three-story buildings and a clubhouse. The community is approximately 93 percent occupied as of August 7, 2020.
Property amenities include a resident clubhouse; beach entry pool with two designated lap lanes; poolside fire pit lounge; game room; a fitness center, and a yoga room where classes are also held. Additional amenities include summer kitchens with outdoor grilling and dining areas; an Amazon Hub package concierge, garage parking, additional storage, walking trails throughout the community and direct access to The Reserve trail network.
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