Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced that its offering, CS1031 Summit Place BFR Housing, DST, has been fully subscribed. The Regulation D private placement is comprised of a newly constructed 120-unit build-for-rent (BFR) housing community in Knoxville.
As of June 2024, Capital Square is the sponsor of seven BFR communities, comprising over 1,000 units: Summit Townhomes in Knoxville, Tennessee; Brighton Townhomes in Atlanta, Georgia; Ashford Townes in Raleigh, North Carolina; Aspen Vista in Reno, Nevada; Creekside Terrace in San Antonio, Texas; Perch Denton in Dallas, Texas; and Ironwood Homes at Rosefield in Phoenix, Arizona.
“This is Capital Square’s seventh BFR community acquired or under construction,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Housing prices and mortgage rates make home ownership unaffordable for many who seek a single-family home. BFR communities such as Summit Townhomes fill an important niche in providing single-family housing with a yard for kids and pets in a quality school district.”
Summit Townhomes are located in close proximity to State Route 62, providing residents with easy access to top employers, such as Oak Ridge National Laboratory, Y-12 National Security Complex, UT-Battelle, Methodist Medical Center of Oak Ridge and Oak Ridge Schools. Summit Townhomes is served by Woodland Elementary School, Robertsville Middle School and Oak Ridge High School, all within a two-mile radius of the property.
Summit Townhomes is located within a 30-minute drive from downtown Knoxville. The Knoxville metropolitan statistical area is home to approximately 750,000 people and its population is projected to increase by 3.6% over the next five years. The University of Tennessee plays a significant role in Knoxville’s economy. With iconic landmarks like Neyland Stadium, with a seating capacity of more than 100,000, university sports events generate meaningful revenue for local businesses. Moreover, the university employs more than 11,700 people who focus on research, educational programs and partnerships that contribute to the city’s overall economic growth.
“Summit Townhomes is located in the midst of the thriving Knoxville-area economy and promising real estate market, where increasing population rates continue to push demand for quality rental housing,” said Whitson Huffman, co-chief executive officer. “The Knoxville MSA’s undersupplied submarket makes this an ideal investment for our investors to diversify their portfolio with a high-quality BFR community.”
Since its founding in 2012, Capital Square has acquired 170 real estate assets for over 6,500 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.
