Source: Capital Square 1031 / #Apartments #Multifamily
VIRGINIA BEACH, VA - Capital Square 1031, a leading real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, announced its acquisition of Woodshire Apartments, a 288-unit multifamily property located in Virginia Beach, Virginia.
"Woodshire Apartments is strategically located near the major employment centers of Virginia Beach and is just minutes away from the Port of Virginia, which generates an estimated $17.5 billion in annual income. The Port, along with the military presence in the area, provides exceptional stability to the regional economy," said Louis Rogers, founder and chief executive officer of Capital Square 1031. "Similar to Capital Square's previous acquisitions, the property was purchased for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors. We are pleased to add this property to our portfolio of 73 properties and to provide this investment opportunity to our growing number of investors across the nation."
Located at 149 South Budding Ave., Woodshire Apartments is comprised of 20 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 900 square feet to 1,300 square feet. Situated on 19.1 acres of land, the community was originally constructed in 1975 and was substantially renovated from 2017 to 2018.
Whitson Huffman, vice president of acquisitions, said "Woodshire Apartments is uniquely positioned within one mile of Town Center of Virginia Beach and Pembroke Mall, which have more than 800,000 square feet of retail space and affords residents unmatched access to retail amenities. In addition, Capital Square 1031 will continue its proven value-add strategy to enhance cash flow and investment value for investors."
Since inception, Capital Square 1031 has sponsored 53 DSTs and has completed approximately $955 million in transaction volume.