RICHMOND, VA - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of Canopy at Ginter Park, a Class A, 301-unit multifamily community in Richmond, Virginia. The property was acquired for CS1031 Canopy at Ginter Park Apartments, DST, a Reg. D private placement.
"In spite of the global pandemic, 2020 was a record year for acquisitions, dispositions, new hires, and overall profitability," said Louis Rogers, founder and chief executive officer of Capital Square. "When the pandemic hit and the real estate market softened a bit, Capital Square worked double time to purchase best-in-class real estate for the DST/1031 program. Canopy at Ginter Park Apartments is another brand new, Class A apartment community in an iconic Richmond, Virginia neighborhood, near the firm's headquarters."
Located at 3200 Brook Road, the community is situated on approximately 15 acres of land. Constructed in 2019, Canopy at Ginter Park features 19 buildings with up to three stories each. The community includes one-, two- and three-bedroom units.
CS1031 Canopy at Ginter Park Apartments, DST seeks to raise $39 million in equity from accredited investors and has a minimum investment of $50,000.
"Canopy at Ginter Park is well-located near Interstate 64 and Interstate 95, offering residents convenient access to numerous employers in Richmond, including seven Fortune 500 companies," said Whitson Huffman, chief strategy and investment officer. "This best-in-class community is a premier example of the properties that Capital Square is bullish on when sourcing investment properties for our Section 1031 and cash investors. Properties like Canopy at Ginter Park allow us to provide our investors the opportunity to invest in a high-quality community that they may not be able to acquire on their own."
Amenities at Canopy at Ginter Park include: a saltwater, resort-style swimming pool; a clubroom with multiple TVs and a sitting area; a clubhouse with an entertainment kitchen; an outdoor pool table and access-controlled buildings. Additional amenities include bike storage; lush courtyards; a pet spa; 24/7 contactless package pickup and a 24-hour, state-of-the-art fitness center.
Source: Capital Square 1031