HOUSTON, TX – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced its acquisition of a newly-constructed, 10,000-square-foot memory care facility located in the Houston suburb of Spring, Texas.

The Class A facility has 16 beds and was completed in June 2018. The property is leased for 15 years on an absolute net basis to Village Green Alzheimer’s Care Home with a personal guarantee from the owners of the practice for the entire term of the lease.

“This memory care facility was bought in an all-cash transaction for a Delaware statutory trust offering, providing investors with the opportunity to own the real estate without any mortgage debt,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Additionally, because Texas does not have an income tax, investors in the DST will not pay any state income taxes.”

Located at the intersection of Spring Cypress Road and Champion Forest Drive, Village Green Alzheimer’s Care Home includes 16 private suites, designed to make a home-like setting that promotes a higher quality of life. The property was constructed to provide greater security for residents and deliver specialized care, tailored to each resident, and permits residents to age in place.

Rogers added, “Village Green Alzheimer’s Care Home is well-located near several dense residential developments in Greater Houston, the fifth largest metropolitan area in the country. The property’s strong location coupled with the current growing demand for helped living and memory care facilities in the country position it as an opportunity for capital appreciation and a valuable addition to our national real estate portfolio.”

Village Green Alzheimer’s Care Home specializes in the care of seniors who have Alzheimer’s, dementia and other memory impairments. The facility was constructed with secure exterior doorways, increased space for activities inside and outside the community, as well as a courtyard and independent areas. Additional community amenities include security, a 24-hour staff, wheelchair accessible showers, swimming pool, hot tub and more.

Houston is home to approximately 6.89 million residents and ranks as the 6th lowest cost of living among the twenty largest US metropolitan areas.

Capital Square was represented in its acquisition of the property by Matt Bear, founder and chief executive officer of Bear Real Estate Advisors. Rogers said, “Capital Square want to thank Matt and Bear Real Estate Advisors for sourcing another high-quality, newly-constructed medical property that closed in record time without any issues.”

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APPLE VALLEY, MN – CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought the second phase of Remington Cove, a 196-home apartment community in the Twin Cities metropolitan area. 

Based in the heart of Apple Valley about 20 miles south of Minneapolis and St. Paul, the second phase features 95 apartment homes and joins Remington Cove Phase I in the CAPREIT portfolio. The 101-home original phase was developed in 2015 and bought by CAPREIT in 2017. Although the two phases combine to constitute one apartment community, CAPREIT bought the phases in separate transactions. 

“We’re delighted to add Phase II to the CAPREIT family and to expand our presence in the wonderful Apple Valleymarket,” said Jay Tucker, acquisitions associate for CAPREIT. “Whether our residents prefer the small-town feel of the community or the cosmopolitan sophistication and thriving employment market of a large-scale downtown, it’s all within reach at Remington Cove.”

Situated at 15430 Founders Lane, Remington Cove residents delight in a commuter-friendly locale within walking distance of the Apple Valley Transit Station’s Metro Red Line, which provides rapid bus service throughout the metro area. Interstate 35 is within a small drive, offering prime connectivity to the Twin Cities, Minneapolis-St. Paul International Airport and many local hot spots, including the world-well-known Mall of America and Minneapolis Institute of Art. 

Additional nearby attractions include the Minnesota Zoo, Guthrie Theater, Weisman Art Museum and several sporting venues, including state-of-the-art U.S. Bank Stadium, the home of the Minnesota Vikings that opened in 2016. Many parks and trails surround the community, and recreational enthusiasts are within 17 miles of spectacular Minnehaha Park, home to 53-foot Minnehaha Falls. 

With the addition of the Phase II, Remington Cove consists of studio, 1-, 2- and 3-bedroom apartment homes ranging from 541 to 1,622 square feet. Apartment interiors feature nine-foot ceilings, full-size washers and dryers, granite countertops and stainless steel appliances. Select units include electric fireplaces, and residents also have access to additional storage.

Common-area amenities at the pet-friendly, smoke-free community include heated underground parking, two fitness centers, outdoor fire pit and picnic patio, off-leash dog park, conference room, business center and a community room with full kitchen.

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KANSAS CITY, MO – JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Summit Ridge Apartments (Summit Ridge) in Lee’s Summit, Mo. JVM Management will manage the property.

The community, which features 432 apartment homes, is located just 20 minutes from downtown Kansas City and its array of employers, attractions and cultural venues. The property’s close proximity to two interstates (I-470 and I-70) and two federal highways (U.S. 50 and U.S. 71) gives residents simple access to the entire metro area. Summit Ridge also is just more than a mile away from St. Luke’s East Hospital, the largest private employer in Lee’s Summit, and is near several well loved retail centers, including Summit Woods, Summit Honest and downtown Lee’s Summit. 

JVM plans to add value to the community by undertaking renovations such as full unit upgrades and by repurposing underutilized amenities in order to add a package delivery facility with 24/7 access to residents, expand the fitness center and improve resident gathering spaces.  

“We are extremely enthusiastic about the addition of Summit Ridge Apartments to our portfolio,” said Jay Madary, president and CEO of JVM. “This property is truly a perfect fit for us. It has the kinds of units and amenities that will appeal to today’s Class A renter in metro Kansas City, and it’s located in a thriving submarket. On top of that, we believe we’ll drive significant revenue growth through the upcoming renovations as well as our experience in the area and the implementation of our marketing, revenue management and construction expertise.”

Community amenities at Summit Ridge Apartments include a resort-style pool with sundeck and heated spa; a 24-hour fitness center with cardio and strength-training equipment; a resident lounge with a coffee bar, business center and conference room; and a dog park and separate pet washing station.

Summit Ridge Apartments offers one-, two- and three-bedroom apartment homes. The units feature 9-foot ceilings with crown molding, 2-inch plantation blinds, hardwood-style flooring, brushed nickel fixtures and hardware, ceiling fans and kitchen backsplashes. Select homes have fireplaces, and private balconies and patios.

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