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Capital Square 1031 Acquires Newly Constructed, Luxury Multifamily Community in Tennessee, USA
Friday 24 September 2021

US-based real estate firm Capital Square's Capital Square 1031, a sponsor of Delaware statutory trust offerings for 1031 exchange and other accredited investors, has acquired 17 Broad, a 158-unit, luxury multifamily community centrally located in downtown Chattanooga, Tennessee, the firm said.

The property was acquired on behalf of CS1031 17 Broad Apartments, DST, a Reg. D private placement investment offering.

Located at 1701 Broad St., the community was completed in 2020 and is situated on 1.6 acres of land. The property is conveniently located near numerous entertainment venues, cultural attractions and dining and beverage options.

Residents benefit from the property's proximity to several of Chattanooga's major employers, including Erlanger Health System, BlueCross BlueShield of Tennessee, Tennessee Valley Authority, Unum, McKee Food Corp., Volkswagen, CHI Memorial Hospital, Amazon, and more.

Community amenities include a fitness center; a heated, saltwater swimming pool; sky lounge with sweeping mountain views; a sundeck and a TV lounge.

Additional amenities include a business center, barbecue and picnic area, a gated onsite parking garage, package receiving and a clubhouse.

CS1031 17 Broad Apartments, DST seeks to raise USD 18.465 m in equity from accredited investors and has a minimum investment requirement of USD 50,000.

Multifamily rents grew 9.2% year-over-year in July, according to the July 2021 Zillow Real Estate Market Report.

The property was sold by J.A. Murphy Group of Knoxville, Tennessee. Will Mathews, managing director and national platform leader of the Colliers Multifamily Advisory Group, represented both the seller and the buyer in the transaction.

Since its founding in 2012, Capital Square has acquired 136 real estate assets for over 3,300 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.

Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion.
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Date Published: 24/09/2021

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