Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a 10-story, luxury, mixed-use, Class A multifamily community in Jacksonville, Florida. The community was acquired on behalf of CS1031 Vista Brooklyn Apartments, DST.
“Vista Brooklyn Apartments is an excellent acquisition for Capital Square’s 1031/DST program,” said Louis Rogers, founder and chief executive officer of Capital Square. “Jacksonville is ranked number one in Florida for multifamily rent growth, with 17.4 percent year-over-year rent growth during the second quarter of 2021. It is hard to imagine a better market for stable income and capital appreciation.”
Located at 200 Riverside Ave., Vista Brooklyn features 308 units and 12,685 square feet of ground-floor retail space. Completed in 2021, the community is situated one mile southwest of downtown Jacksonville on the banks of the St. Johns River and within Jacksonville’s historic and fast-growing Brooklyn/Riverside submarket, according to Yardi Matrix.
The community offers one-, two- and three-bedroom units with high-end finishes, including fully equipped GE kitchens with quartz countertops, custom cabinets, subway tile kitchen backsplashes and more.
Amenities at the community include a rooftop beer garden, a rooftop pool deck with a heated saltwater pool and outdoor grills, co-working and meeting spaces with pre-installed televisions for device connectivity, a top-floor clubroom with a gaming area and outdoor access, a secure package delivery room and a coffee bar. Additional amenities include a bicycle storage room, a meditation room with Somadome meditation pods, a fitness center with Technogym equipment, a spin suite and Wellbeats on-demand workout classes, a dog park and pet grooming room, and a courtyard with lounges, grilling stations, a dining area and outdoor games.
CS1031 Vista Brooklyn Apartments, DST seeks to raise $63.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“Vista Brooklyn is located in one of the premier submarkets within the Jacksonville MSA,” said Whitson Huffman, chief strategy and investment officer. “Within walking distance to many restaurants and points of interest, and situated one mile from downtown Jacksonville, the community is highly attractive to millennials and residents looking for a walkable lifestyle. In fact, Vista Brooklyn’s zip code houses one of the fastest-growing millennial populations in the United States, according to Yardi Matrix.”
Since its founding in 2012, Capital Square has acquired 145 real estate assets for over 3,800 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.
