RICHMOND, Va., Feb. 10, 2014 (GLOBE NEWSWIRE) -- Capital Square Realty Advisors, LLC announced today that its Delaware Statutory Trust investment offering of Bridgeview Apartments, a 348-unit, garden-style multifamily community in Tampa, Fla., has been fully subscribed by investors.
Bridgeview consists of 17 wood-framed and stucco residential buildings ranging from two to three stories and features a recently renovated clubhouse that includes a modern business center, resort-style pool, playground, fitness center and tennis and racquetball courts. The property is nestled within a serene two-acre park-like setting with three onsite lakes, strategically located in a prime infill location within Tampa's thriving metropolitan statistical area.
"Bridgeview is a well-located community in a sought-after neighborhood in Tampa, and offers residents premium amenities with easy access to the major employment centers in the market," said Yogi Singh, vice president of acquisitions with Capital Square Realty Advisors.
"We are pleased this multifamily DST investment property is fully subscribed and look forward to providing additional investors with the opportunity to benefit from ownership of quality multifamily real estate," said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.
Rogers added, "Most DST investors are seeking replacement property for a Section 1031 exchange to defer federal and state income taxes otherwise due on the sale of their investment property. A growing number of Section 1031 exchange investors are finding that DST replacement property solves many technical Section 1031 tax requirements, including identification of replacement property and debt replacement, along with simplifying the due diligence and closing process. It is interesting to note that, while most DST investors are seeking replacement property for an exchange, a growing number are investing discretionary (non-1031) funds in DST investments for stable cash flow and safety of principal, along with the future ability to exchange out of DST investments in a tax-deferred manner under Section 1031 when the DST property is sold. DST investments have become a solution to the problems frequently encountered by Section 1031 exchange investors."
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, 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. Capital Square's DST interests are sold by independent broker-dealers and registered investment advisors across the nation. Acquisition, disposition, property, asset management and capital markets services are provided by Capital Square Management, LLC.