Capital Square's property management
subsidiary now manages 33 properties
RICHMOND, Va., May 16, 2024
/PRNewswire/ -- Capital Square Living, the property management
subsidiary of 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 assumption of
management of three Tennessee
multifamily communities totaling 716 units.
The properties include Lullwater at Big Ridge in Hixson, as well as Marina Pointe Apartments
and 17 Broad Apartments, both in Chattanooga. All three properties are owned by
Delaware statutory trusts
sponsored by Capital Square. This is Capital Square Living's first
step into the Tennessee
multifamily market, where it plans to continue to expand its
presence.
"This is an exciting time at Capital Square, when we assume
management of some of the most desirable properties in the
portfolio," said Louis Rogers,
founder and co-chief executive officer of Capital Square. "By
managing the Tennessee properties,
Capital Square's investors will benefit from greater economies of
scale and a dedicated management team from acquisition through
disposition."
Lullwater at Big Ridge is a
250-unit multifamily community located in Hamilton County and the Greater Chattanooga metropolitan area. The
gated community features floorplans that average 1,186 square feet
and boast unique interior finishes, including large open kitchens
with wraparound granite countertops, faux wood vinyl flooring,
stainless steel appliances and more. Lullwater at Big Ridge is conveniently located off of
Hixson Pike, one street from a Publix-anchored shopping center.
Marina Pointe Apartments is a Class B+ multifamily community
with large floorplans and strong resident demographics. The
308-unit community is located within an affluent submarket of
Chattanooga adjacent to Lake
Chickamauga and Tennessee Valley Authority (TVA) Big Ridge Small
Wild Area, providing residents access to multiple outdoor amenities
in a serene lakeside setting. Marina Pointe Apartments is
approximately 15 minutes from Chattanooga's two main employment centers,
Enterprise South Industrial Park, home to Amazon and Volkswagen
plants, and downtown Chattanooga,
home to BlueCross BlueShield of Tennessee and over 60,000 employees.
17 Broad Apartments is a 158-unit luxury apartment community
with spacious floorplans and outstanding contemporary architectural
design. Centrally located in the downtown core, this highly
amenitized property is within walking distance of numerous
employment centers, entertainment venues, cultural attractions and
dining and beverage options. 17 Broad Apartments is within half a
mile of U.S. Route 27 and Interstate 24, providing residents with
quick connectivity to other parts of the Chattanooga metropolitan area. Among nearby
entertainment venues is the 20,412-seat Finley Stadium, which hosts
sporting events and concerts.
"Capital Square's longstanding mission has been to build
legacies for our residents and bring value for our investors, and
we are thrilled to continue to do so as we expand Capital Square
Living's footprint into Tennessee," said Gus
Remppies, president of Capital Square Living. "Our
vertically integrated business model will improve the living
experience for residents by providing best-in-class amenities and
outstanding customer service."
Capital Square Living is in the process of assuming management
of 47 multifamily communities comprised of 11,862 units owned by
Capital Square's affiliated DST programs, opportunity zone funds
and apartment real estate investment trust (REIT). Capital Square
Living currently manages 33 residential communities comprised of
more than 8,300 units.
By fall of 2024, Capital Square Living expects to manage over 47
residential communities comprised of more than 11,000 units in 18
markets across seven states and 25 cities. The firm provides
comprehensive, state-of-the-art management services, including
operations, maintenance, employee development and training,
customer service, revenue management, marketing, budgeting, leasing
and resident retention.
About Capital Square Living
Capital Square Living
launched in late 2022 as a wholly owned subsidiary of Capital
Square, overseeing property management functions for the company's
growing multifamily portfolio. The firm currently oversees the
management of 33 apartment communities comprised of approximately
8,300 units throughout the Southeastern
United States. To learn more, visit
www.CapitalSquareLiving.com.
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). In recent
years the company has become an active developer of mixed-use
multifamily properties in the southeastern U.S., with eight current
projects totaling approximately 2,000 units with a total gross
asset value of $730 million. Since
2012, Capital Square has completed more than $7.8 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
seven 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. In 2023, Capital Square was
recognized by the Richmond Times-Dispatch as one of the region's
"Top Workplaces." To learn more, visit www.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 multi-family
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.
Contact:
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Jill Swartz
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Spotlight Marketing
Communications
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949-427-1389
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jill@spotlightmarcom.com
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SOURCE Capital Square Living