ATLANTA, Aug. 19,
2024 /PRNewswire/ -- NewStar
Exchange, a subsidiary of NEWSTAR, announced
today that NewStar 6 Tranquil Gardens
BTR, DST has been fully subscribed. The offering raised
$19.1 million in aggregate equity
investment from Section 1031 exchange investors. Preferred Capital
Securities (PCS) served as the managing broker-dealer.
"We are pleased to report the successful close-out of our third
1031 exchange Delaware Statutory Trust offering, and thank our new
partners in this investment, and the investment advisors, financial
representatives, and our broker-dealer, PCS, for their trust and
support," said Boone DuPree, Chief Executive Officer for NEWSTAR.
"NewStar Exchange has now successfully raised approximately
$50 million in equity since launching
two years ago and we look forward to bringing additional
high-quality single-family build-to-rent DST offerings to the
marketplace from our growing pipeline."
"Tranquil Gardens has been an excellent performer to-date,
meeting investment projections since closing, while we have
successfully increased in-place rents by 6% on an annualized
basis," said Joe Gibson, Chief
Investment Officer for NEWSTAR. "The quality of the homes and
location is evident in the approximately 25% rent premium we are
achieving relative to our competitive set."
Tranquil Gardens comprises 73 newly constructed three-bedroom
and four-bedroom attached and detached homes for-rent in northwest
Atlanta, Georgia.
About NewStar Exchange: NewStar Exchange is a
subsidiary of NEWSTAR that sponsors Delaware Statutory Trust
investments for Section 1031 exchange and cash investors. The
Company primarily targets high quality build-to-rent housing
communities in growing suburban locations of the United States "Sun
Belt". For more information, please visit www.newstar-am.com.
About Preferred Capital Securities
("PCS"): PCS (Member FINRA/SIPC) is a fully
independent, third-party Managing Broker Dealer focused on
both back-office solutions and the wholesale
distribution of alternative investments to Independent
Broker-Dealers (IBDs) and Registered Investment Advisors (RIAs)
across the United States and
Puerto Rico. PCS is
currently the Managing Broker Dealer of NewStar Exchange, the
Preferred Stock offering for Prospect Capital Management (NASDAQ:
PSEC), The Priority Income Fund, and WhiteHawk Income Corporation.
With a track record that empowers their partners to embark with
confidence, PCS is proud to have raised over $3 Billion in retail capital across 8 offerings
which have issued approximately $1
Billion in liquidity for its investors since the firm's
inception in 2011. To learn more about PCS please
visit www.pcsalts.com.
Contact: NewStar1031@pcsalts.com
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SOURCE NewStar Asset Management