Summit at Bon Air
Update
02/08/24
Capital Square Delivers 156.19% Total Return* to Investors in Virginia Multifamily DST
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today the sale of Summit at Bon Air Apartments, a 296-unit multifamily community in the Richmond suburb of Bon Air, Virginia. The property was owned by a group of investors in a Capital Square-sponsored Delaware statutory trust (DST) who realized a 156.19% total return, or a 10.05% annualized return, from their 1031 exchange investment.*
"In a challenging environment, Capital Square has exceeded expectations once again," said Louis Rogers, founder and co-chief executive officer of Capital Square. "Summit at Bon Air Apartments was acquired, financed and managed by Capital Square's team of experienced real estate professionals. And the property was sold at the optimal time to maximize returns for investors. This DST/1031 program is Capital Square's 27th DST offering to go full-cycle resulting in an average 170.24% total return."
Since 2018, Capital Square has taken 27 DST offerings full-cycle that have resulted in an average 170.24% total return and an average 13.11% internal rate of return.
Situated on more than 27 acres, Summit at Bon Air Apartments is located at 1701 Irondale Road and is comprised of 37 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground and 550 parking spaces.
"The Summit at Bon Air offering was nothing short of a home run for our investors," said Whitson Huffman, co-chief executive officer. "We acquired the property in a thriving location within the growing Richmond metropolis, secured attractive financing, and ultimately exited successfully in a challenging market, delivering attractive returns to another group of investors."
Since its founding in 2012, Capital Square has acquired 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.
