SARASOTA, Fla., Aug. 8, 2022 /PRNewswire/ -- HASTA DST Ventures, a sponsor of multifamily real estate DSTs, announced today that its HASTA Multifamily 1 DST has been fully subscribed through the extensive distribution network of its managing broker-dealer, RCX Capital Group. Approximately $55 million in equity proceeds from the offering was used to acquire Parq 170 at City Center, a 291-unit luxury multifamily community with 43,708 square feet of retail in the Washington, D.C. submarket of Manassas Park, Virginia.
"We continue to target compelling opportunities to acquire recession-resilient properties in strong employment nodes," said Mark Hafner, CEO of HASTA. "Parq 170 is a prime example of our strategy of acquiring high-quality, well-located assets and unlocking their full potential through implementation of our operational and capital improvement strategies."
Located at 170 Market Street, Parq 170 is one of the most desirable multifamily communities in Manassas Park, drawing residents with attractive architecture, manicured grounds and quality construction. The spacious one- and two-bedroom apartment homes are stylishly appointed with hardwood laminate flooring, granite countertops, in-unit washer and dryer and walk-in closets. Residents of the controlled access community enjoy attached and detached garages along with top-notch amenities including a 24-hour fitness center, a heated pool and sundeck, grill station, Wi-Fi café, elevators and clubhouse.
Parq 170 residents are within close proximity to over 10 million square feet of retail, dining and entertainment attractions. The community's attractiveness is further punctuated by its strategic location directly across from the Manassas Park VRE rail station, providing residents with a convenient commuting option to the 3.2 million jobs within the metro area.
Jean-Louis Guinchard, managing principal of RCX Capital Group, stated, "We are pleased that our investors stand to benefit from Parq 170's long-term growth dynamics in one of most stable and resilient investment markets in the world."
The offering launched at the end of May, with equity proceeds raised from accredited investors through RCX's direct clientele and an extensive network of RIAs.
About HASTA DST Ventures
Hasta DST Ventures is a joint venture between wholly owned subsidiaries of HASTA Capital USA, RCX Capital Group and Clairmont Capital Group. The sponsors seek to leverage the respective skill sets of each of the firm's principals and team to help structure and co-sponsor best-in-class, proprietary DSTs to generate superior risk-adjusted returns for investors.
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