Croatan Investments has fully subscribed its third Delaware Statutory Trust offering, Croatan Luna Pointe, DST. The offering raised $21.6 million from retail investors.
The offering, a 210-unit, garden-style apartment community located in Hampton, Va., was fully syndicated in four months.
“The efficient syndication of this offering is a reflection of the trust Croatan has built within the broker-dealer channel,” said Paul Van, CEO. “We believe our rigorous underwriting process, expertise as a multifamily operator, and our successful track record resonates well, and we’re looking forward to an expanding portfolio for this channel.”
Luna Pointe is a residential apartment development originally constructed in 1986 and renovated in between 2018 and 2021. It contains 13 two-and three-story apartment buildings and a clubhouse, which houses the leasing office and a fitness center. Additional amenities include an outdoor, saltwater swimming pool with concrete