Capital Square Buys Class A Miami Multifamily for $106M DST Raise
Glen Allen, VA-based Capital Square has acquired Parkland Apartments, a 396-unit Class A multifamily in the Miami suburb of Parkland, FL. The community was acquired on behalf of CS1031 Parkland Apartments, DST, which seeks to raise $105.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments.
The 95.5% occupied property on 5851 Holmberg Road features spacious one-, two- and three-bedroom units. Community amenities include two resort-style pools, clubhouse, 24-hour fitness center, hammock garden, two outdoor kitchens, walking trails and 4.75-acre lake. Parkland Apartments has direct access to Covered Bridge Park, a 2.9-acre park owned and managed by the City of Parkland that includes wooded nature trails, a meditation area, yoga lawn and butterfly garden.
Since 2018, the property has received $9.4 million in capital improvements, including $6.8 million in interior renovations.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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