Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced today the acquisition of Integra Vistas, a Class A, 280-unit multifamily community in the Hixson submarket of Chattanooga, Tennessee. The property was acquired for CS1031 Integra Vistas Apartments, DST, a Reg. D private placement.
“Located in Chattanooga, Tennessee, Integra Vistas is a 2018 vintage, Class A multifamily asset with strong resident demographics,” said Louis Rogers, founder and chief executive officer. “The affluent Hixson submarket of Chattanooga, where the property is located, has an average projected occupancy rate of 98.3 percent and projected rent growth of 4.9% for the next five years, according to Yardi Matrix.”
Located at 151 Integra Vistas Drive, the community was constructed in 2018 on approximately 20 acres of land. Integra Vistas is comprised of one-, two- and three-bedroom units ranging in size from approximately 766 square feet to 1,278 square feet.
Community amenities include a resort-style swimming pool with an expansive sundeck; an outdoor pavilion with a kitchen, flat screen TV and fireplace; as well as a resident clubhouse with an entertainment, game and poker room. Additional amenities include a state-of-the-art fitness center featuring free weight and circuit stations, CrossFit training, cardio, yoga and fitness on demand; a pet park with agility equipment; resident package receiving lockers; attached and detached garages and walking trails with scenic mountain views.
CS1031 Integra Vistas Apartments, DST seeks to raise $27 million in equity from accredited investors and has a minimum investment of $50,000.
“The community’s location offers residents convenient access to Chattanooga’s two main employment centers; Enterprise Industrial Park, home to Amazon and Volkswagen plants and Downtown Chattanooga, home to BlueCross BlueShield Headquarters and more than 60,000 jobs,” said Whitson Huffman, chief strategy and investment officer. “The property’s strategic location near major local employment hubs coupled with its high-end finishes and best-in-class amenities positions it as an ideal asset for our growing portfolio of investment properties.”
Since the company was founded, Capital Square has acquired 130 real estate assets for over 3,000 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.