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Capital Square, a sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of a Class A, 304-unit multifamily community in Houston, Texas. The community, developed by Wood Partners, LLC, was acquired on behalf of CS1031 Houston Apartments, DST, a Delaware statutory trust offering for Section 1031 exchange and other (cash) investors.
“Capital Square sponsors the highest quality, newly constructed Class A apartment communities in the nation for the DST/1031 investment program,” said Louis Rogers, founder and chief executive officer of Capital Square in a statement. “CS1031 Houston Apartments is the latest DST offering that sets the highest standards with unrivalled amenities and best-in class quality.”
Located at 3623 W Alabama St., Houston Apartments offers studios, one-, two-, and three-bedroom units. Community amenities include a: resort-style swimming pool with a tanning deck; 24-hour, state-of-the-art fitness center; sky lounge, complete with a kitchen, pinball machine, and outdoor seating with a fireplace; coworking concept spaces; pet spa; courtyard with outdoor living area and fountain; and club area with high-definition televisions, billiards table, lounge seating, and an entertainment kitchen.
Houston Apartments is in the midst of some of the city’s wealthiest neighborhoods. According to CoStar, the average annual household income within a three-mile radius of the property is in excess of $163,000, while the property’s submarket has experienced robust year-over-year rent growth of approximately 9.5% since the beginning of 2021.
The property is within five miles of multiple retailers, restaurants and entertainment venues. It is also within close proximity of Interstates 610 and 69, allowing residents easy access to Greater Houston and the surrounding region.
“Houston Apartments is an amenity-rich, luxury multifamily community located in the midst of one of Houston’s most exclusive neighborhoods where there is strong demand for apartments,” said Whitson Huffman, chief strategy and investment officer. “The property is ideal for affluent professionals who thrive on urban life and the upscale shopping, dining and cultural amenities that are provided in large cities like Houston.”
Home to 24 Fortune 500 companies and NASA’s Johnson Space Center, Houston is a thriving economic center and the unofficial capital of the U.S. oil and natural gas industry. Already the nation’s fourth most populous city, Houston continues to experience rapid growth, with its population swelling by nearly 10% between 2010 and 2020, according to the U.S. Census Bureau.
CS1031 Houston Apartments, DST seeks to raise $56.5 million in equity from accredited investors.