WILMINGTON, N.C.,
July 24,
2024 /PRNewswire/ -- Capital Square, one of the
nation's leading sponsors of tax-advantaged real estate investments
and an active developer and manager of multifamily communities,
announced today the acquisition of Seaboard at Sidbury
Station, a newly constructed, 113-unit, build-for-rent (BFR)
housing community in the Wilmington suburb of Castle Hayne, North Carolina. The community
was acquired on behalf of CS1031 Sidbury Station BFR Housing, DST,
which seeks to raise equity from accredited investors.
This represents Capital Square's fifth BFR offering for its
Section 1031/Delaware statutory
trust program and the eighth BFR project for its private equity
group. Led by co-chief investment officers, Dave Platter and Jon
Trott, Capital Square's private equity group was formed to
profit from opportunities in the housing market, including a
dedicated build-for-rent strategy in high-growth Sunbelt
markets.
"Capital Square invests broadly in housing – Class A and B
multifamily, manufactured housing in Florida and BFR communities throughout the
Sunbelt," said Louis Rogers, founder
and co-chief executive officer of Capital Square. "Capital Square's
investors are attracted to newly constructed BFR communities such
as Sidbury Station because demand is strong from residents who want
a single-family home but can't afford to own. Capital Square's BFR
communities help to satisfy the demand for a single-family home
with amenities at an affordable price."
Located at 6105 Dichondra Road, construction of Sidbury
Station was completed in 2023. Developed by D.R. Horton, the
nation's largest homebuilder by volume, the modern units boast a
mix of three-, four- and five-bedroom detached single-family homes,
averaging 1,829 square feet. The open floor plans feature high-end
amenities, including granite countertops, stainless steel
appliances, full-size washers and dryers, walk-in closets, smart
home integration, backyards and attached two-car garages. Luxurious
community amenities include a resort-style swimming pool, fitness
center, clubhouse, sport court, playground and professional
landscaping.
Sidbury Station enjoys a prime position on the state's coast
within the Wilmington, NC,
metropolitan statistical area. The Wilmington area offers a high quality of life
characterized by a mild coastal climate, abundant outdoor
recreational opportunities and a strong sense of community. The
area includes opportunities to boat, fish and golf year-round, as
well as family-friendly attractions, top-rated schools and a
variety of dining options.
Infrastructure plays a pivotal role in Wilmington's economic vitality. The
Wilmington International Airport
facilitates regional and national connectivity, supporting business
travel and tourism, and the Port of Wilmington, one of the busiest ports on the
U.S. East Coast, enhances the region's global trade capabilities by
handling a diverse range of cargo and contributing significantly to
the local economy.
The region's tourism sector, fueled by its pristine beaches and
historic attractions, generated over $1
billion in revenue as of 2022, attracting millions of
visitors seeking leisure and recreation opportunities.1
The healthcare industry is another cornerstone, supported by major
medical facilities and a growing demand for healthcare
services.
"Wilmington has experienced a
30% growth in jobs since 2020, led by healthcare, government and
education,2 while the population is expected to grow by
approximately 3% annually,"3 said Whitson Huffman,
co-chief executive officer. "Limited supply in the area has
provided Capital Square with the strategic advantage to drive
occupancy and rental growth. Sidbury Station is one of only four
purpose-built rental communities that make up less than 2% of the
metro area's rental inventory,3 and it has already
reached 95% occupancy as of June."
Since its founding in 2012, Capital Square has acquired more
than 170 real estate assets for over 6,500 investors seeking
quality replacement properties that qualify for tax deferral under
Section 1031 of the Internal Revenue Code and other investors
seeking stable cash flow and capital appreciation.
Sources: 1. Port City Daily, 2023. | 2. Northmarq, 2024. | 3.
Regis Online, 2024.
About Capital Square
Capital Square is a vertically
integrated national real estate firm specializing in tax-advantaged
real estate investments, including Delaware statutory trusts for Section 1031
exchanges, qualified opportunity zone funds for tax deferral and
exclusion and a real estate investment trust (REIT). The company is
also an active developer and manager of multifamily communities.
Since 2012, Capital Square has completed more than $7.8 billion in transaction volume. Capital
Square's mixed-used development projects total over 2,000 apartment
units with a total development cost in excess of $790 million, and Capital Square Living, the
firm's property management division, now manages over 7,000
apartments across multiple states. Capital Square's related
entities provide a range of services – including due diligence,
acquisition, loan sourcing, property/asset management and
disposition – for a growing number of high-net-worth investors,
private equity firms, family offices and institutional investors.
Recognized by Inc. 5000 as one of the fastest growing companies in
the nation for seven consecutive years, Capital Square raises
capital, buildings and expectations. Learn more at
CapitalSq.com.
Disclaimer: Securities offered through WealthForge Securities,
LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities,
LLC are separate entities. There are material risks associated with
investing in DST properties and real estate securities including
illiquidity, tenant vacancies, general market conditions and
competition, lack of operating history, interest rate risks, the
risk of new supply coming to market and softening rental rates,
general risks of owning/operating commercial and multifamily
properties, short term leases associated with multifamily
properties, financing risks, potential adverse tax consequences,
general economic risks, development risks, long hold periods, and
potential loss of the entire investment principal. Past performance
is not a guarantee of future results. Potential cash flow, returns
and appreciation are not guaranteed. IRC Section 1031 is a complex
tax concept; consult your legal or tax professional regarding the
specifics of your particular situation. This is not a solicitation
or an offer to see any securities. Please read the Private
Placement Memorandum (PPM) in its entirety, paying careful
attention to the risk section prior to investing. Private
placements are speculative. Diversification does not guarantee
profits or protect against losses. FINRA Broker Check link:
https://brokercheck.finra.org/.
Contact:
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Jill Swartz
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949-427-1389
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jill@spotlightmarcom.com
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SOURCE Capital Square