As you know, CSQ has successfully been syndicating apartment building deals with other investors in Long Beach. CSQ has invested in each of these deals and as we’ve discussed, they’ve been great investments, but what you may not know is CSQ has also been researching and investing in properties outside of CA in anticipation of bringing on other investors. Two of these properties are highlighted below.
We are finally ready to source a deal outside of CA and invest alongside other investors. Chad will be traveling to Texas later this week to visit properties and meet with potential partners. There is a significant amount of due diligence required for out of state properties but even moreso with vetting the right partners to collaborate with.
Rest assured CSQ does not shy away from due diligence, or research for that matter. After the due diligence is completed and a property is under contract, we will have a webinar with our partners to go over the details of the investment.
Riverside Flats at Aberfoyle Village, Belmont, North Carolina
This multifamily property is a 102-unit, surface parked, garden community completed in 2019. Adjacent to the Catawba River and west of Uptown Charlotte, North Carolina, the property benefits from impressive resident demographics and strong operational metrics.
Riverside Flats at Aberfoyle is the only asset in the Belmont submarket offering both stainless steel appliances and in-unit washer/dryer appliances, creating a strong competitive advantage against inferior surrounding submarket competitors.
The property qualifies for a North Carolina Brownfields Agreement (BFA), a tax incentive program implemented by the state to encourage the redevelopment of abandoned, idled, or under-utilized sites with potentially real or perceived environmental contamination. The tax abatement savings is projected to total $392,000 over a five year period.
We are expecting a 7-year hold for this property.
6529 Ridgeview Dr., Ozawkie, Kansas
This 2.5 acre plot of land was purchased on the Lake Ridge Estates Golf Course on Perry Lake in Ozawkie, Kansas. Perry Lake has been nicknamed “Paradise on the Plains”. It is home to 3 marinas, a nationally recognized trail system and a variety of camping, boating, fishing, and hunting activities.
The property is in a partially developed Golf Course Community about 60 miles west of Kansas City, Kansas. According to BestPlaces, Kansas City saw single family annual growth of 23.7% in the last 12 months which is driving property value in the surrounding scenic rural areas.
This property was purchased with all cash and is a long term hold strategy.
If investing out of state for Passive Income is something you’re interested in, please fill out our early interest form. We are expecting to have an out of state property available for investment by early Q1 2022.