Capital Square Acquires Multifamily in Knoxville for $53M DST Offering
Glen Allen, VA-based Capital Square has acquired Village at Westland Cove, a Class A, 240-unit multifamily community in Knoxville, TN. The acquisition is on behalf of a Delaware statutory trust investment offering that seeks to raise $52.8 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Taylor Bird, Nelson Abels, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller.
The 2019-constructed, Village at Westland Cove is located at 9635 Westland Cove Way along Interstate 140. The 28.2-acre multifamily community sits on the shore of Fort Loudoun Lake close to The Pinnacle at Turkey Creek, a 650,000-square-foot shopping center, and the Turkey Creek Medical Center.
“The Knoxville economy is thriving, with low unemployment, high average household income and growing demand for high-end apartment living such as that provided to the residents of Village at Westland Cove, said Whitson Huffman, Capital Square chief strategy and investment officer.
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.