CHESAPEAKE, VA – 1031 Capital Square, a leading sponsor of Delaware Statutory Trust (DST) offerings for 1031 Exchange and other accredited investors, announced the acquisition of Streets of Greenbrier, an apartment building community of 280 units in Chesapeake, Virginia, a city in the USA Hampton Roads region. The property was acquired for CS1031 Streets of Greenbrier Apartments, DST, a Reg. D private placement.
"Chesapeake is part of the Hampton Roads region of Virginia that includes the neighboring cities of Norfolk, Virginia Beach, Portsmouth, Suffolk, Hampton and Newport News," said Louis Rogers, founder and chief executive officer of Capital Square. "Together, these cities are performing a dynamic MSA of nearly 1.8 million people with a large and growing millennial population. The region has one of the highest percentages of prime tenant ages 20 and 35 and was recently ranked by Time Magazine as the region Number one in the United States that attracts millennials. "
The streets of Greenbrier are located at 929 Wintercress Way and were built on 13.78 acres of land in 2013. The community consists of nine residential buildings and includes studio, one, two, and three bedroom units ranging in size from 516 square feet to 1,286 square feet.
Rogers added, "Capital Square is optimistic about our home state of Virginia, which has a booming economy, a growing employment base and a growing need for quality housing. Forbes recently ranked Virginia as the fourth best state for business. Amazon is a recent example 25,000 jobs for the state with HQ2 development of $ 2.5 billion. "1
Community amenities include pocket parks with covered swings and barbecue stations, a sun terrace with WiFi access, a large oasis-style pool, a 24-hour fitness center, a poolside barbecue area, an outdoor poolside fireplace and a TV, as well as a fireplace salon. Other amenities include a pool area, dog park, picnic area near a pond, free car wash / vacuum station, valet parking, and on-site recycling.
CS1031 Streets of Greenbrier Apartments, DST is attempting to raise $ 35.5 million in equity from accredited investors and has a minimum investment of $ 50,000.
"Streets of Greenbrier is a high quality community well located in the Hampton Roads area's transportation hub, giving residents immediate access to major employers and high quality retail, dining and entertainment options," said Whitson Huffman, Chief Strategy and investment officer. "The community provides residents with easy access to Interstates 64, 264, 464, and 664 – four major highways in Virginia. Capital Square aims to use a light value creation strategy to increase property revenues and residual value."