CSRA Candleglow Apartments, DST

Location: 1071 Candlelight Boulevard Brooksville, FL 34601

INVESTMENT COST: $8,495,000

EQUITY RAISE: $3,285,000

  • CASH-ON-CASH RETURN: 6% Starting
  • OFFERING LOAN-TO-VALUE: 61.33%
  • FIXED INTEREST RATE: 4.43%

Candleglow is a 152-unit garden- style multifamily community located in one of the most desirable areas of Brooksville, a suburb of Tampa, Fla.

Candlelight Boulevard Brooksville, FL

Strategically located off of Candlelight Boulevard, the property affords residents exceptional local and regional connectivity, including Interstate 75, Suncoast Parkway/S.R.

INVESTMENT HIGHLIGHTS

  • Reasonably priced at an average monthly rent of approximately $646 per unit.
  • 5.93% cap rate based on investment cost.
  • Approximately 98.5% leased with waiting list – opportunity to raise rents.
  • Income tax-free state and strong economic growth in Tampa.
  • Stabilized asset with consistent cash flow, high occupancy and potential benefits from improving Hernando County market conditions.
  • A high occupancy level coupled with current rental rates below those of other local properties signals a potential to increase tenant rents and improve net operating income.
  • The property benefits from a large pool of potential tenants, with more than 50 percent of local residents choosing to rent rather than own.
  • Expansive amenity package, including resort-style pool, sun deck/lounge area, clubhouse with free Wi-Fi, two tennis courts, racquetball court, 24- hour laundry facility, BBQ area with grills and pet walk area.
  • High quality construction. Grounds are well maintained.
  • Value-add opportunity from the continuation of a comprehensive interior upgrade program.

PROPERTY DETAILS

  • Units: 152
  • Percentage Leased: 98.5%
  • Year Completed: 1987
  • Lot Size:10.18 acres
  • Density: 14.9 units per acre
  • Buildings: 10 residential two-story buildings and a clubhouse
  • Parking: 257 open spaces – 1.69 spaces per unit
  • Property Address: 1071 Candlelight Boulevard Brooksville, FL 34601

LOCATION HIGHLIGHTS

Strategically located off of Candlelight Boulevard, the property affords residents exceptional local and regional connectivity, including Interstate 75, Suncoast Parkway/S.R. 589, Cortez Boulevard/S.R. 50 and Broad Street/U.S. 41, all within a 15 minute drive.

Several major employment centers are in close proximity to the property, including: Oak Hill Hospital, Walmart Distribution Center, Bayfront Health
Brooksville, Accuform, Inc., Cemex, Inc., Sparton Electronics, Hernando Paso Hospice and W.R.E.C.

Community Amenities

  • The property is near a myriad of retail and dining options, such as Publix, CVS, Walmart, Lowe’s, Winn-Dixie, Pizza Hut, Carrabba’s Italian Grill, Ruby Tuesday and RadioShack.
  • Located approximately 30 minutes from Weeki Wachee Springs, Florida’s only natural spring water park.
  • Less than a four minute drive to historic Downtown Brooksville.
  • Pasco Hernando State College’s North Campus, one of two post-secondary academic institutions in Hernando County, is located approximately 10 minutes
    from the property.
  • Withlacoochee State Forest, named one of the “10 Coolest Places You’ve Ever Been in North America” by the World Wildlife Fund, is less than a 20-minute drive from the property.
  • Other nearby recreational options include championship golf courses, forests, parks and trails, as well as water activities, such as boating, fishing, kayaking and paddle boarding.

ABOUT CAPITAL SQUARE

Capital Square 1031, LLC specializes in the creation and management of real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive offi cer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DSTs, tenant-in-common offerings, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.