Capital Square Acquires Class A Multifamily Community Near Miami for DST Offering – iCrowdNewswire

 Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the acquisition of Parkland Apartments, a 396-unit Class A multifamily community in the affluent Miami suburb of Parkland, Florida. The community was acquired on behalf of CS1031 Parkland Apartments, DST, which seeks to raise $105.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.

“Parkland Apartments is all about the location near many of South Florida’s major employment hubs, nationally recognized schools, and retail opportunities,” said Louis Rogers, founder and co-CEO of Capital Square. “Parkland Apartments is a very special property for Capital Square’s 1031 exchange and cash investors.”  

Located at 5851 Holmberg Road, the 95.5% occupied property features spacious one-, two- and three-bedroom apartment units that average 1,118 square feet and offer stainless steel appliances, quartz countertops, wood-inspired flooring, a private patio or balcony, and in-unit washer and dryers. Community amenities include two resort-style pools, a clubhouse, 24-hour fitness center, hammock garden, two outdoor kitchens, picturesque walking trails and a 4.75-acre lake. Parkland Apartments has direct access to Covered Bridge Park, a 2.9-acre park owned and managed by the City of Parkland that includes wooded nature trails, a meditation area, yoga lawn and butterfly garden.

Since 2018, the property has received $9.4 million in capital improvements, including $6.8 million in interior renovations.

Parkland Apartments is one of only two apartment communities in the exclusive Parkland school district. Beyond Parkland’s nationally recognized, A-rated elementary, middle and high schools¹, multiple nearby colleges and universities are also in close proximity to the property, including Broward College, Lynn University, Florida Atlantic University and the South Florida Education Center.

“With nationally recognized, A-rated schools and proximity to some of South Florida’s strongest employment, entertainment and natural points of interest, Parkland offers a high quality of life and many resident experiences,” said Whitson Huffman, co-chief executive officer. “Amid Florida’s continuing migration boom, Parkland experienced a 44.7% population increase from 2010 to 2020 with continuous growth projected in the years to come and the region continues to attract some of the nation’s leading companies, which demonstrates a positive long-term outlook for the area.”

Parkland is a highly affluent community with one of the strongest home markets in the state of Florida, with an average home price of $970,000 and household income that surpasses $100,000 annually.² The Parkland submarket averaged effective multifamily rental increases in excess of 20% between June 2021 and June 2022. Rent growth is projected to increase 6.4% in 2023 and to remain above 5% through 2027.³

Several of South Florida’s major employers are in close proximity to the property, including Microsoft, Zimmerman Advertising, American Express and Broward Health. In addition to South Florida’s already strong employment landscape, additional significant companies continue to relocate or move a portion of their operations to the area, including Goldman Sachs Asset Management, which has reported revenues near $8 billion annually; Blackstone, the private equity giant with nearly $1 trillion in assets under management; and Nucleus Research, a global provider of ROI-focused technology research and advisory services. This corporate migration and relocation trend demonstrates a positive long-term outlook for the region.

Since its founding in 2012, Capital Square has acquired 164 real estate assets for over 6,000 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.

About Capital Square

Capital Square is a 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). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $6 billion in transaction volume. 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. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for six consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSq.com.