Capital Square Living Assumes Management of Multifamily Property Near Huntsville, Alabama

News provided by

Mar 14, 2024, 07:00 ET

HUNTSVILLE, Ala., March 14, 2024 /PRNewswire/ -- Capital Square Living, the wholly owned multifamily property management subsidiary of Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the assumption of management of FarmHaus Apartments, a 324-unit Class A multifamily community located in the Huntsville suburb of Madison, Alabama. The property, the first Alabama community to join the Capital Square Living portfolio, is owned by a Delaware statutory trust sponsored by Capital Square.

"We are thrilled to include FarmHaus Apartments as the first Alabama community in the Capital Square Living portfolio," said Louis Rogers, founder and co-chief executive officer of Capital Square. "It represents a significant milestone in our expansion strategy, aligning perfectly with our mission to deliver excellent living experiences in high-quality multifamily properties."

FarmHaus Apartments, located at 1260 Balch Road, is a 22-acre property that offers open-concept one-, two- and three-bedroom units averaging 973 square feet. Each unit features top-of-the-line finishes, including stainless steel appliances, standalone kitchen islands with quartz countertops, in-unit washers and dryers, walk-in closets, keyless entry access and private patios or balconies. Residents benefit from community amenities such as a resort style pool with large sundeck and cabanas, hot tub and spa, state-of-the-art fitness center, business center with a coffee bar, TV and gaming lounge, communal grilling station, as well as a fenced in dog park and pet spa.

The property's location along Highway 72 provides residents easy access to multiple job centers throughout the Huntsville area, including Redstone Arsenal, Cummings Research Park and the Mazda Toyota Manufacturing facility. FarmHaus is adjacent to the Clift Farm master development which contains numerous retail outlets and a 400,000-square-foot Publix.

Capital Square Living is in the process of assuming management of 45 multifamily communities comprising more than 11,000 units owned by Capital Square's affiliated apartment REIT, DST programs and opportunity zone funds. In 2023, the firm added a total of 29 Virginia and Georgia properties to their portfolio from Capital Square and Capital Square Apartment REIT, Inc. Capital Square Living currently manages 30 residential communities comprised of more than 7,600 units.

By fall of 2024, Capital Square Living expects to manage over 45 residential communities comprised of more than 11,000 units in 18 markets across six states and 25 cities. The firm provides comprehensive, state-of-the-art management services, including operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.

"Capital Square's vertically integrated business model has worked to improve the living experience of our residents and will continue to create more value for our investors as we expand our footprint into Tennessee, and subsequently into three additional states by fall 2024," said Gus Remppies, multifamily veteran and president of Capital Square Living. "Capital Square Living provides the first-class amenities and superior customer support that our residents deserve and have come to expect."

About Capital Square Living
Capital Square Living launched in late 2022 as a wholly owned subsidiary of Capital Square, overseeing property management functions for the company's growing multifamily portfolio. The firm currently oversees the management of 30 apartment communities comprised of approximately 6,500 units throughout the Southeastern United States. To learn more, visit www.CapitalSquareLiving.com.

About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $590 million. Since 2012, Capital Square has completed more than $7.8 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region's "Top Work Places." To learn more, visit www.CapitalSq.com.

About Capital Square Apartment REIT
Capital Square Apartment REIT Inc. is a private non-traded real estate investment trust that was formed to acquire and operate Class A and Class B multifamily properties primarily in the Southeast and Texas for stable income and growth. The company is sponsored by Capital Square, a national real estate firm that is led by a seasoned team of real estate investment professionals with decades of experience. To learn more, please visit www.CapitalSquareREIT.com.

Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative. Diversification does not guarantee profits or protect against losses.