Capital Square, a multifamily housing developer and a sponsor of tax-advantaged real estate investments, announced its acquisition of Seaboard at Sidbury Station, a newly constructed, 113-unit, build-for-rent (BFR) housing community in the Wilmington suburb of Castle Hayne, North Carolina.
According to the company, the property was acquired on behalf of CS1031 Sidbury Station BFR Housing, DST, which seeks to raise equity from accredited investors. The financial terms of the acquisition were not disclosed, and the transaction marks Capital Square’s fifth BFR offering for its Section 1031/Delaware statutory trust program and the eighth BFR project for its private equity group.
“Wilmington has experienced a 30% growth in jobs since 2020, led by healthcare, government and education,2 while the population is expected to grow by approximately 3% annually,” said Whitson Huffman, co-CEO at Capital Square. “Limited supply in the area has provided Capital Square with the strategic advantage to drive occupancy and rental growth. Sidbury Station is one of only four purpose-built rental communities that make up less than 2% of the metro area’s rental inventory, and it has already reached 95% occupancy as of June.”
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