Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the launch of Capital Square Living, a wholly owned subsidiary that will oversee all management functions of the company’s growing multifamily portfolio, currently comprised of 55 residential communities and more than 14,000 units across the Southeast and Texas.
“Capital Square is now a vertically integrated real estate company,” said Louis Rogers, founder and co-chief executive officer. “This has been an evolution; the company was formed in 2012 and built a strong foundation with experienced executives specializing in acquisitions, legal, finance, accounting and asset management. Then, in 2019, the development arm was launched and now has over 1,600 residential units built or under construction. In 2021, Capital Square Apartment REIT was formed and, last year, the Private Equity Group was launched and already has a large pipeline of build-for-rent (BFR) housing communities acquired and under construction. Capital Square Living is the final step – creating a competitive advantage by providing property management services for our growing portfolio.”
Capital Square Living is led by President Gus Remppies, an industry veteran with more than 30 years of experience in the multifamily space. He is joined by a seasoned team of exceptional property management executives. Remppies served as president, chief operating officer, chief administrative officer and chief investment officer of Landmark Apartment Trust prior to its acquisition by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust in an all-cash transaction valued at approximately $1.9 billion. Under Remppies’ leadership, Landmark aggregated a multifamily portfolio that was ultimately comprised of 24,000 apartment units located throughout the Southern states and strategic Texas markets. Previously, Remppies served as executive vice president of Grubb & Ellis Residential Management and as a senior executive with Cornerstone Realty Income Trust Inc., where he oversaw the acquisition and development of approximately 30,000 apartment units.
“Capital Square Living will deliver superior property management services by providing a best-in-class experience for our residents, exceptional living and outstanding customer service,” said Remppies. “We are not simply managing apartments, we are providing quality residences and establishing livable communities for thousands of residents in the vibrant Southeast.”
Rogers added, “By internalizing property management, the same management team will be hands-on from acquisition/development until disposition of each property. Our vision is now complete – we are multifamily owners who actively develop and operate our properties. As a fully integrated real estate company, Capital Square will increase efficiency; we will do an exceptional job of serving our residents and, in turn, the thousands of Capital Square investors nationwide.”
Capital Square Living will begin the phased onboarding of communities in April 2023 and expects to assume direct management of the Capital Square multifamily portfolio thereafter. Capital Square Living will provide comprehensive management services, including operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.
Whitson Huffman, co-chief executive officer of Capital Square, added, “We are singularly focused on providing the best experience possible for our stakeholders and residents. The establishment of Capital Square Living is a monumental step for Capital Square that will provide tangible value creation for our residents, investors and team members, all of whom will benefit from a nimbler and more efficient, vertically integrated company.”
The company has launched www.CapitalSquareLiving.com as a comprehensive website for prospective and current residents. Users can research the various Capital Square multifamily communities, request tours, submit leasing applications, make rent payments, facilitate service requests and search career opportunities.
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