RICHMOND, VA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of Canopy at Ginter Park, a Class A, 301-unit multifamily community in Richmond, Virginia. The property was bought for CS1031 Canopy at Ginter Park Apartments, DST, a Reg. D private placement.
“In spite of the global pandemic, 2020 was a record year for acquisitions, dispositions, new hires, and overall profitability,” said Louis Rogers, founder and chief executive officer of Capital Square. “When the pandemic hit and the real estate market softened a bit, Capital Square worked double time to buy best-in-class real estate for the DST/1031 program. Canopy at Ginter Park Apartments is another groundbreaking new, Class A apartment community in an iconic Richmond, Virginia neighborhood, near the firm’s headquarters.”
Located at 3200 Brook Road, the community is situated on approximately 15 acres of land. Constructed in 2019, Canopy at Ginter Park features 19 buildings with up to three tales each. The community includes one-, two- and three-bedroom units.
CS1031 Canopy at Ginter Park Apartments, DST seeks to raise $39 million in equity from accredited investors and has a minimum investment of $50,000.
“Canopy at Ginter Park is well-located near Interstate 64 and Interstate 95, offering residents convenient access to numerous employers in Richmond, including seven Fortune 500 companies,” said Whitson Huffman, chief strategy and investment officer. “This best-in-class community is a premier example of the properties that Capital Square is bullish on when sourcing investment properties for our Section 1031 and cash investors. Properties like Canopy at Ginter Park allow us to provide our investors the opportunity to invest in a high-quality community that they may not be able to buy on their own.”
Amenities at Canopy at Ginter Park include: a saltwater, resort-style swimming pool; a clubroom with multiple TVs and a sitting area; a clubhouse with an entertainment kitchen; an outdoor pool table and access-controlled buildings. Additional amenities include bike storage; lush courtyards; a pet spa; 24/7 contactless package pickup and a 24-hour, state-of-the-art fitness center.

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AUSTIN, TX – Stratus Properties announced that its subsidiary The Saint Mary, L.P. completed the sale of The Saint Mary, a 240-unit luxury, garden-style apartment project in the Circle C community in Austin, Texas, for $60 million, or $250,000 per unit.
William H. Armstrong III, Chairman of the Board, President and Chief Executive Officer of Stratus, stated, The sale of The Saint Mary is another example of the substantial value we make for our shareholders with our proven approach to developing and owning well-located properties in strong Texas markets. In fact, we believe that the per unit sales price for The Saint Mary is the highest ever recorded in the Austin MSA for traditional garden-style surface-parked apartment product.
Mr. Armstrong continued, I am proud of our team for navigating the highly complex entitlement, design and leasing processes that maximized this development opportunity to meet market demand. Our team s knowledge of and deep relationships in the market have enabled Stratus to raise third-party equity capital, arrange bank financing, oversee construction, expedite lease-up and manage and close the sale during a pandemic – all in less than three years. We look forward to reinvesting the proceeds of the sale in our robust pipeline of opportunities.
After closing costs and payment of the outstanding construction loan, the sale generated net proceeds of approximately $34 million. Stratus anticipates receiving approximately $21.3 million from the subsidiary in connection with the sale. Stratus expects to recognize a pre-tax gain on the sale, net of gain allocated to noncontrolling interests, of approximately $14 million.
The sale generated an IRR to Stratus of approximately 62% calculated based on the company s carrying value of the property contributed to the project, resulting in an equity multiple of 3.55x. The sale price reflects a 28% premium to the yucky value for The Saint Mary used in the calculation of Stratus estimated net asset value as of December 31, 2019 as shown in Stratus Investor Presentation dated March 25, 2020 available on Stratus website.
The Saint Mary, a one and two-bedroom apartment property, features a contemporary design targeted to appeal to the technology-based workforce in Southwest Austin. Amenities include a fitness center, resort-style infinity-edge pool, and nearby dining, retail, entertainment and recreational options, including well loved hiking spots The Barton Creek Green Belt and Slaughter Creek Trail. The project was approved for the Austin Energy Green Building Program. Construction commenced in June 2018 and was completed in December 2019. The first tenants took occupancy in July 2019, and the project was approximately 85% leased on the date of sale.

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HAMILTON, NJ – Total construction starts lost 5% in December, falling to a seasonally adjusted annual rate of $784.3 billion. Nonresidential building starts fell 11% during the month, while nonbuilding starts were 5% lower. Residential starts were essentially flat over the month. Starts were lower in three of the four regions in December; the South Central was the only region to post an increase.
For the full year, total construction starts fell 10% to $766.3 billion. Nonresidential building starts saw the steepest drop, losing 24%, while nonbuilding starts fell 14%. Residential construction starts finished 2020 up 4% thanks to strong single-family activity. In December, the Dodge Index fell 5% to 166 (2000=100) from the 174 reading in November. For the full year, the Dodge Index averaged 163, a 10% decline from 2019 s average.
The roller coaster year of 2020 is over, but not forgotten, stated Richard Branch, Chief Economist for Dodge Data & Analytics. The scars from the pandemic and recession will be long-lasting and resulted in significant declines across most construction sectors. Single family housing, warehouse, and highway and bridge starts were bright spots that cannot be understated for their gains. There will be hard months ahead for the economy and for construction starts as COVID-19 cases mount. But, the continued rollout of vaccines means 2021 will be a better year.
Nonbuilding construction fell 5% in December to a seasonally adjusted annual rate of $185.3 billion. Declines were broad based across the sector, with highways & bridges, environmental public works and miscellaneous nonbuilding starts all falling in December. The utility/gas plant category rose 70% in the month due to the start of two large power generation facilities.
The largest nonbuilding project to break ground in December was the $1.2 billion Traverse Wind Energy Center, a 999 MW wind facility spread across Blaine, Custer, and Kingfisher counties, OK. Also starting during the month was the $1.0 billion Three Rivers Natural Gas Power Generating Energy Center in Morris, IL and the $555 million West Lake Corridor Project, which is an 8-mile extension of the Northern Indiana Commuter District s South Shore rail line in Dyer, IL.
For the full year, nonbuilding starts fell 14% from 2019 to $181.5 billion. Significant pullbacks in starts were seen in the utility/gas plant category as well as in miscellaneous nonbuilding. Environmental public works starts dropped 5% in 2020, while the highway and bridge category saw an 8% increase in starts.
Nonresidential building went 11% lower in December to a seasonally adjusted annual rate of $225.3 billion following a sizeable increase in the previous month. Commercial starts fell 23% over the month as office, hotel, and warehouse starts all posted double-digit declines. Institutional starts fell 5%, while manufacturing starts rose 59%, thanks to the largest nonresidential building project to get started in December, the $600 million Gulf Coast Ammonia Plant in Texas City, TX. Also starting in December were the $341 million Orlando Health Jewett Orthopedic Hospital in Orlando, FL and the $325 million University of Massachusetts Education and Research Building in Worcester, MA.
In 2020, nonresidential building starts lost 24% to $239.9 billion — the lowest level since 2015. Commercial starts tumbled 26% over the year, with warehouse construction eking out a 1% gain in 2020. Institutional starts fell 13% last year, while manufacturing starts dropped 59%.
Residential building starts fell by less than one percentage point in December to a seasonally adjusted annual rate of $373.7 billion. Multifamily starts posted a solid 24% increase for the month, while single family dropped 7%.
The largest multifamily structure to break ground in December was the $400 million second phase of the Veyoel Moshe Gardens Residential building in Kiryas Joel, NY. Also starting were the $200 million 300M NE Street mixed-use building in Washington, D.C. and the $167 million AVA Arts District Live/Work Complex in Los Angeles, CA.
For the full year, residential starts were 4% higher than in 2019 at $344.8 billion. Single family starts were up 11%, while multifamily starts were 11% lower.

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