PENSACOLA, FL - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of The Residences at 393 North Apartments, a newly constructed, Class A, multifamily community in Santa Rosa Beach, near Pensacola, Florida. The 128-unit multifamily community was acquired on behalf of CS1031 Residences at 393 North Apartments, DST.
"The Residences at 393 North is a newly constructed, highly amenitized Class A multifamily community featuring spacious floor plans with walk-in closets, top of the line finishes, stainless steel appliances, in-unit washers and dryers, private storage units, double vanities as well as private screened patios and balconies," said Louis Rogers, founder and chief executive officer of Capital Square. "The community also features high-end amenities such as a 24-hour state-of-the-art fitness center, a resort-style pool and spa, a resident lounge with an entertainment kitchen, and a dog park. The community is located in Santa Rosa Beach, close to Florida's scenic highway 30A, with convenient access to Destin, Panama City, and numerous beaches and parks."
Located at 77 Exuma Way, the community was completed in 2021 and is situated on 10.89 acres of land. The Residences at 393 North features one-, two- and three-bedroom floorplans with an average unit size of 1,096 square feet.
As of October 2021, the property has a waiting list of 68 prospective tenants.
CS1031 Residences at 393 North Apartments, DST seeks to raise $23.3 million in equity from accredited investors and has a minimum investment requirement of $50,000.
"Surrounded by luxury beach houses, upscale dining and retail options, as well as white sand beaches and turquoise waters, Residences at 393 North is ideally located in the picturesque area of Florida's Emerald Coast," said Whitson Huffman, chief strategy and investment officer. "Several homes in the surrounding area are priced between $1 millionand $8 million, proving the area's affluence. With its high occupancy of almost 98% and ideal location, the community fits perfectly within our investment criteria for Class A multifamily properties."
"Residences at 393 North has instantly become one of the highest quality multifamily assets along Florida's Emerald Coast and will continue to be highly sought by the most discerning lifestyle renters in the market for many years to come," said Colliers International Director/Partner Mike Steiner. Steiner represented both the buyer and seller in the transaction.