Capital Square, a sponsor of tax-advantaged real estate investments and a national developer and manager of housing communities, has announced the contribution of Promenade at Newnan Crossing Apartments to Capital Square Housing Trust, a non-traded real estate investment trust sponsored by Capital Square.
Through an umbrella partnership real estate investment trust (UPREIT) transaction, more than 55 percent of the Delaware Statutory Trust (DST) owners (by investment value) in CS1031 Promenade at Newnan Crossing Apartments, DST, exchanged their DST interests for limited partnership units in the REIT’s operating partnership in a tax-advantaged transaction under Section 721 of the Internal Revenue Code.
Promenade at Newnan Crossing was originally acquired by Capital Square in 2020 for a DST/Section 1031 exchange program. The property outperformed the private placement memorandum pro forma by more than 17 percent on income and nearly 30 percent on net operating income ov
