#United States #Wilmington #Capital Square #Build-for-Rent #Sidbury Station

Capital Square’s Latest Achievement in Build-for-Rent Housing

In a significant milestone for both Capital Square and the housing sector in the United States, the company has announced the full subscription of its latest investment offering - CS1031 Sidbury Station BFR Housing, DST. This fully subscribed offering marks the sixth build-for-rent (BFR) investment and the 145th overall since the firm’s inception. Located in Castle Hayne, North Carolina, the offering raised an impressive $22.9 million from investors.

In July 2024, Capital Square acquired the Sidbury Station property, which is comprised of 113 units in a modern housing community designed to cater to both families and individuals seeking rental options in this desirable location. The investment strategy employed is aligned with the company's ongoing commitment to providing quality housing and maximizing investor returns.

Louis Rogers, the founder and co-CEO of Capital Square, highlighted, "Investing in housing remains crucial as it is a necessity that has demonstrated resilience. The build-for-rent strategy complements our diverse portfolio, which includes newly constructed Class A apartments and older Class B properties ripe for renovations. It is a testament to our commitment to adapting our offerings to meet market demands effectively."

Community and Amenities

Sidbury Station sits at 6105 Dichondra Road and was developed by D.R. Horton, the largest homebuilder by volume in the nation. Completed in 2023, the property features a variety of three-, four-, and five-bedroom detached homes, averaging 1,829 square feet.

The design of each unit places a strong emphasis on open floor plans and high-end amenities, including granite countertops, stainless steel appliances, and thoughtful integrations of smart home technology. Each unit comes complete with its own backyard and attached two-car garage, reflecting a modern lifestyle that many renters desire.

The community boasts several luxurious amenities that enhance the living experience for its residents. These include a resort-style swimming pool, a fully equipped fitness center, a clubhouse for social gatherings, a sports court, and a playground designed for families. This mix of residential and communal facilities underscores how Capital Square prioritizes quality of life for its tenants.

Location Benefits

Castle Hayne and the surrounding Wilmington metropolitan area are known for their picturesque coastal landscape and vibrant community. The region offers unique recreational opportunities such as boating, fishing, golfing, and various family-friendly attractions. The high quality of life experienced by residents is a significant draw, coupled with top-rated schools and a diverse dining scene.

In today's rental market, properties like Sidbury Station are in high demand. According to Whitson Huffman, the co-CEO of Capital Square, the community achieved an impressive 95% occupancy rate within just under a year of opening. This demonstrates the strong interest in single-family rentals with comprehensive amenity packages, indicating a shift in tenant preferences towards more spacious and affluent living arrangements.

Economic Context

The Wilmington area’s economy benefited significantly from tourism, with its pristine beaches and historical sites drawing over $1 billion in revenue as of 2022. This growth reflects ongoing investments and economic activity in the region, bolstered by a robust healthcare industry that continues to flourish.

Capital Square, since its inception in 2012, has been steadfast in acquiring quality properties that align with tax-advantaged investment strategies. With more than 170 assets and over 6,500 investors under its management, the firm has cemented its reputation as a leader in tax-advantaged real estate investments, particularly in high-growth markets across the Southeast and Texas.

Conclusion

As the demand for rental housing continues to evolve, Capital Square remains well-positioned with its innovative and strategic approach to real estate investments. The full subscription of the Sidbury Station offering is a testament to both the strength of the company and the appeal of build-for-rent communities within growing markets. Investors and future residents alike can look forward to the ongoing development of similar projects, which promise to enhance living opportunities within vibrant communities.