Capital Square's published track record lists CSRA Perry Place, DST as a completed program, the property sold. It is the first Capital Square offering on Top1031's record to reach Full Cycle. The Delaware Statutory Trust (DST) held the Perry Place apartment property in Richmond, Virginia, and filed its first Form D on January 5, 2016.
Capital Square announced the sale in a release dated November 16, 2020, and a news account dated November 10, 2020, republished on the Sponsor's site, reported the closing. Top1031's record carries no disposition date for the trust, and it does not disclose how the hold figure was derived. It carries no sale price and no total return.
The offering as filed (Form D, January 5, 2016):
Item | As filed |
|---|---|
Sponsor | Capital Square |
Exemption | 506(b) |
Offering ceiling | $9,350,000 |
Minimum investment | $25,000 |
Classification in the record | Commercial |
Amount sold in the record | not stated |
The property was residential. The Form D's own industry entry is not reproduced here, so the basis for the record's classification is not something this report can show.
Two figures for the program sit in Top1031's record. The record stores the basis for each as the Sponsor's announcement, and flags both at low confidence:
Figure | Value, attribution and source |
|---|---|
Annualized return | 8.7%, as reported by the sponsor; the record's evidence for the figure lists the Sponsor's track record, March 2024 and a third-party listing, Baker 1031 |
Equity multiple | 1.44x, as reported by the sponsor; the record's evidence for the figure lists the same two documents, the Sponsor's track record, March 2024 and Baker 1031 |
The November 16, 2020 release carries the Sponsor's own return figures for the disposition. Those numbers are not reproduced here: this report has not verified them against the release text, and the record stores different values, so what the record holds is what is set out above.
The trust's private placement memorandum is not public, so the distribution terms the offering originally set out cannot be read from the documents on hand, and the Form D states none.