NewStar Exchange, a subsidiary of NEWSTAR, announced today that NewStar 6 Tranquil Gardens BTR, DST has been fully subscribed. The offering raised $19.1 million in aggregate equity investment from Section 1031 exchange investors. Preferred Capital Securities (PCS) served as the managing broker-dealer.
“We are pleased to report the successful close-out of our third 1031 exchange Delaware Statutory Trust offering, and thank our new partners in this investment, and the investment advisors, financial representatives, and our broker-dealer, PCS, for their trust and support,” said Boone DuPree, Chief Executive Officer for NEWSTAR. “NewStar Exchange has now successfully raised approximately $50 million in equity since launching two years ago and we look forward to bringing additional high-quality single-family build-to-rent DST offerings to the marketplace from our growing pipeline.”
“Tranquil Gardens has been an excellent performer to-date, meeting investment projections since closing, while we have successfully increased in-place rents by 6% on an annualized basis,” said Joe Gibson, Chief Investment Officer for NEWSTAR. “The quality of the homes and location is evident in the approximately 25% rent premium we are achieving relative to our competitive set.”
About NewStar Exchange: NewStar Exchange is a subsidiary of NEWSTAR that sponsors Delaware Statutory Trust investments for Section 1031 exchange and cash investors. The Company primarily targets high quality build-to-rent housing communities in growing suburban locations of the United States “Sun Belt”.
About Preferred Capital Securities (“PCS”): PCS (Member FINRA/SIPC) is a fully independent, third-party Managing Broker Dealer focused on both back-office solutions and the wholesale distribution of alternative investments to Independent Broker-Dealers (IBDs) and Registered Investment Advisors (RIAs) across the United States and Puerto Rico. PCS is currently the Managing Broker Dealer of NewStar Exchange, the Preferred Stock offering for Prospect Capital Management (NASDAQ: PSEC), The Priority Income Fund, and WhiteHawk Income Corporation. With a track record that empowers their partners to embark with confidence, PCS is proud to have raised over $3 Billion in retail capital across 8 offerings which have issued approximately $1 Billion in liquidity for its investors since the firm’s inception in 2011.
