Capital Square DST Offering Hits Target
The trust is invested in a community located in the suburbs of Augusta, Ga.
Capital Square’s Delaware Statutory Trust offering, CS1031 Lakeside on Riverwatch Apartments, is fully subscribed, the company said in a statement. The Regulation D private placement raised almost $26.8 million. The trust owns a 200-unit garden style apartment property in Martinez, Ga., a suburb of Augusta.
Located at 4300 River Watch Parkway, the three-story Lakeside on Riverwatch property, built in 2000, sits on 19.3 acres. The community features one-, two- and three-bedroom apartments averaging 1,109 square feet. Units include breakfast bars, resurfaced countertops and updated lighting fixtures, while common area amenities include a swimming pool with a sundeck.
Lakeside on Riverwatch is situated within Augusta’s Savannah River basin. The region features low unemployment and a robust level of rent growth, plus a sizable population of affluent young professionals, all factors influencing housing demand.
Augusta is located along Interstate 20, between Atlanta and Columbia, S.C., and is near I-95 and I-77. Grocery, retail, entertainment and recreation options are located within several miles, with the Savannah River located five miles away.
Augusta Technical College, Medical College of Georgia and Paine College are located within a 17-minute drive. Last month, Capital Square restructured investments in Saltmeadow Bay Apartments, located in Virginia Beach, Va.