SAN ANTONIO, Aug. 30, 2016 (GLOBE NEWSWIRE) -- Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced today that the firm has surpassed $500 million in assets under management with the acquisition of The Canopy, a 220-unit multi-family community located in the north central submarket of San Antonio.
“Capital Square 1031 couldn’t be more pleased to reach this milestone for our firm,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Since inception, Capital Square has sponsored 31 DST programs, primarily for Section 1031 tax-deferred exchange investors, and grown our portfolio of assets under management to include more than 50 properties. We look forward to continuing this growth by adding high quality properties, like The Canopy, to our portfolio.”
Located at 950 Bitters Road East, The Canopy was approximately 97 percent leased at the time of acquisition. The property includes 13 two- and three-story residential buildings, as well as a clubhouse, located on 8.6 acres of land. Situated a quarter-mile from U.S. Highway 281, the community is accessible via Interstates 410, 35 and 10, as well as Texas State Highway Loop 1604. The Canopy is equipped with 272 parking spaces.
“The Canopy is a very well-located multi-family community in a growing metropolis that has been recognized for vocational development, comprehensive lifestyle amenities and overall economic performance,” said Rogers. “The property has a high occupancy level, expansive amenity package and was recently upgraded. We’re pleased to add this property to our increasing portfolio of assets under management, now valued at more than $507 million, based on investment cost.”
Unit amenities include washer/dryer connections, a fireplace, mosaic tile backsplash and vaulted ceilings. Select units include fenced yards, a stackable washer/dryer, patio/balcony and rainfall shower. Community amenities comprise a clubhouse with computer stations, coffee bar and Wi-Fi; two swimming pools with furniture, a sundeck and grills; coin-operated laundry facilities; a fitness center with new equipment; fenced pet park and picnic area. The property is near the 1.2-million-square-foot North Star Mall, Park North retail center, Starbucks, Target, Home Depot and Office Depot. It is also located one mile from McAllister Park, a public park with sports fields, dog parks and numerous jogging trails spread over 900 acres of wooded land.
The Canopy is surrounded by a concentration of medical services related jobs. A sample of significant employment centers nearby includes Valero Services, USAA Insurance, the University of Texas, San Antonio, and the South Texas Medical Center.
San Antonio is the seventh-largest city in the United States, well-known for its Riverwalk and world-class theme parks. In 2014, San Antonio received three number one rankings by Forbes on its lists of “Best Cities for Millennials,” “U.S. Metro Area Gaining College Graduates Most Rapidly” and “Best Cities for Young Graduates.” That same year, it also ranked second on Forbes’ list of “Large Cities Stealing Jobs from Wall Street” and New Geography’s “Best Large Cities for Finance Jobs.”
About Capital Square 1031
Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. As of June 15, 2016, the company oversees a growing national portfolio of more than 50 real estate assets valued at approximately $485 million, based on investment cost. Louis J. Rogers, founder and chief executive officer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts. To learn more, visit www.CapitalSquare1031.com.