Glen Allen-based Capital Square 1031 LLC has acquired The Canopy, a 220-unit multi-family community in the San Antonio area.
With the deal, Capital Square now has more than $500 million in assets under management.
Capital Square specializes in creating and managing commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware statutory trust structure.
When a business or investment property is sold at a profit, the seller generally has to pay tax on the gain at the time of sale. Section 1031 of the Internal Revenue Code provides an exception, allowing the seller to postpone paying tax on the gain if the proceeds are reinvested in similar property as part of a qualifying like-kind exchange.
