Capital Square acquires luxury multi-family community near Louisville for DST supply
The acquisition is on behalf of a Delaware offering of statutory investment in trust which aims to increase $68 million in equity from accredited investors
LOUISVILLE, Ky., October 10, 2022 /PRNewswire/ — capital squareone of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multi-family communities, today announced the acquisition of Lyric at Norton Commons, a 273-unit Class A+ mixed-use multi-family community in the Louisville suburb of Perspective. The community was acquired in the name of CS1031 Lyric from Norton Commons Apartments, DST, which seeks to increase $68 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“A property of this caliber rarely comes along,” said Louis Roger, founder and co-CEO of Capital Square. “Lyric at Norton Commons Apartments is one of the finest properties Capital Square has acquired in the last 10 years. This is a unique opportunity to own the finest A+ class apartment community in the area.”
Located at 11210 Peppermint Street, Lyric at Norton Commons offers one-, two-, and three-bedroom units that average 956 square feet. Spacious floor plans feature high-end finishes including stainless steel appliances, quartz countertops, integrated washers and dryers, large walk-in closets, and private patios or balconies. The luxury community is very well equipped with a state-of-the-art 24-hour fitness center, a resort-style saltwater pool with poolside cabanas, a resident lounge with a complimentary gourmet coffee bar and a business center, pet spa, indoor meditation space, movie theater with stadium seating, and several outdoor courtyards with lawn games and barbecue grills.
“Lyric at Norton Commons is one of the most luxurious multi-family communities in the Louisville market, with high-end interior finishes and extensive community amenities that are increasingly popular among affluent renters,” said Whitson Huffman, Co-General Manager. “Located in the first planned community of Norton Commons, residents enjoy easy access to beautiful parks, a vibrant downtown and many retail options. This is a unique multi-family community that offers some of the best rental living options.”
The four-acre Lyric property is located within the planned 600-acre Norton Commons neighborhood, which includes a 150-acre system of parks, plazas, plazas, walking paths, recreational and civic facilities. Bustling downtown Norton Commons is home to more than 90 businesses, including restaurants, shops, lounges and a post office. The neighborhood also has three schools, a full-service YMCA, and St. Bernadette Church, which has over 6,600 members.
Prospect, Kentuckyis one of the wealthiest cities in the state with median household incomes exceeding $140,000 within a radius of one kilometer around the property. Annual growth in multi-family rents is expected to reach more than 5% over the next five years, with an occupancy rate of 97.3% through 2032, according to data provided by Yardi Matrix.
Greater Louisville is also a thriving economic center with a diverse mix of industries, including healthcare and aging innovation, business services, logistics and e-commerce, and advanced manufacturing. from Louisville top employers include United Parcel Service, Jefferson County public schools, Norton Healthcare, Ford Motor Company and the University of Louisville Health. Additionally, Fortune 500 companies Humana Inc. and Yum! Brands, Inc., (the American fast food company that operates the Kentucky Fried Chicken, Taco Bell and Pizza Hut brands), is headquartered in Louisville. Floridagrocer Publix Super Markets, Inc., expands to Kentucky for the first time and will build two 55,071 square foot grocery stores in Louisville.
Since its inception in 2012, Capital Square has acquired 158 real estate assets for more than 6,000 investors seeking quality replacement properties eligible for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a national real estate company specializing in tax-efficient real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualifying opportunity zone funds for tax deferral and exclusion, and a real estate investment trust (REIT). In recent years, the company has become an active developer of multi-family, mixed-use properties in the southeastern United States, with eight projects underway totaling approximately 2,000 apartments with a total development cost of more than $600 million. Since 2012, Capital Square has achieved over $6.0 billion in transaction volume. Capital Square related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high net worth investors, capital companies -investment, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the nation’s fastest growing companies for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square has been listed by Virginia Business on their “Best Workplaces in Virginiain 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSq.com.
Disclaimer: Securities offered by WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are significant risks associated with investing in DST properties and real estate securities, including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, risk interest rate fluctuations, the risk of new offerings coming to market and rental rates decreasing, general risks of owning/operating commercial and multi-family properties, short-term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long holding periods and the potential loss of all investment capital. Past performance is not indicative of future results. Potential cash flows, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax advisor regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying particular attention to the risk section before investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.
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