CHESAPEAKE, VA - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of Streets of Greenbrier, a 280-unit multifamily community in Chesapeake, Virginia, a city in the Hampton Roads region. The property was acquired for CS1031 Streets of Greenbrier Apartments, DST, a Reg. D private placement.
"Chesapeake is part of Virginia's Hampton Roads region, which includes the neighboring cities of Norfolk, Virginia Beach, Portsmouth, Suffolk, Hampton and Newport News," said Louis Rogers, founder and chief executive officer of Capital Square. "Together, these cities complete a dynamic MSA of nearly 1.8 million people, with a large and growing millennial population. The region has one of the highest percentages of residents in the prime rental ages of 20 and 35 and was recently ranked by Time Magazine as the number one region in the Unites States for attracting millennials."
Located at 929 Wintercress Way, Streets of Greenbrier was constructed in 2013 on 13.78 acres of land. The community consists of nine residential buildings and includes studio, one-, two- and three-bedroom units ranging in size from 516 square feet to 1,286 square feet.
Rogers added, "Capital Square is bullish on our home state of Virginia, which has a booming economy, increasing employment base and growing need for quality housing. Forbes recently ranked Virginia as the fourth best state for business. Amazon is a recent illustration, bringing 25,000 jobs to the state with its $2.5 billion HQ2 development."1
Community amenities include pocket parks with covered swings and grilling stations, a sun deck with Wi-Fi access, a grand oasis-style pool, 24-hour fitness center, poolside grilling area, an outdoor poolside fireplace and TV, as well as a fireplace lounge. Additional amenities include a billiards area, dog park, picnic area near a pond, a free car wash/car vacuum station, valet waste service and onsite recycling.
CS1031 Streets of Greenbrier Apartments, DST seeks to raise $35.5 million in equity from accredited investors and has a minimum investment of $50,000.
"Streets of Greenbrier is a quality community, well-located in the transportation hub of the Hampton Roads region, allowing residents to capitalize on immediate access to major employers, as well as high-quality retail, dining and entertainment options," said Whitson Huffman, chief strategy and investment officer. "The community provides residents with convenient access to Interstates 64, 264, 464 and 664 –four major Virginia highways. Through a light value-add strategy, Capital Square intends to increase revenue and the residual value of the property."