The neighborhood is 96% leased and features newly constructed two-story, single-family detached homes in three-bed/three-bath floorplans. Unit amenities include granite countertops, stainless-steel appliances, vinyl-tile flooring and in-unit washer-dryer sets, while the community offers grilling stations and a dog park.
Average in-place monthly rents are $1,775, and recent leases are at $1,900 per month. NewStar Exchange acquired the property in cash on behalf of its NE1 UC DST fund.
“University Commons is a great first acquisition for NewStar Exchange,” NewStar Chief Investment Officer Joe Gibson said in a press release. “The newly constructed BTR community fits squarely within our stated strategy and will continue to benefit from its desirable location, which has seen significant recent employment and population growth.”
NewStar Exchange is a sponsor of Delaware statutory trust offerings for 1031 Exchange and other accredited investors. It is seeking to raise $10.3 million in equity to invest in multifamily and BTR communities in the Sunbelt. Specifically, the investor is targeting suburban locations suited for people in the high-growth family formation (ages 30-49) and retirement (65+) demographics. NewStar Exchange has a minimum investment of $100,000 for 1031 investors and $25,000 for cash investors. Preferred Capital Securities is marketing the offering.