Capital Square 1031, a real estate investment and management firm that specializes in Delaware statutory trust offerings, has purchased Mayton Transfer Lofts, a 223-unit historic multifamily community located in Old Towne Petersburg, just south of Richmond, Virginia. The purchase price was not disclosed.
Mayton Transfer Lofts was constructed in 1911 and was formerly used as a warehouse and moving and storage facility. Then, in 2008 and 2012, the property was transformed through a historic renovation into a Class A apartment community featuring historic elements from its original construction, including exposed brick, hardwood and concrete floors, high ceilings and original beams. The property is approximately 97 percent occupied.
“Mayton Transfer Lofts has excellent walkability to numerous amenities, a high occupancy rate, is just 25 minutes south of Richmond, and has convenient access to central Virginia via three major freeways,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
Situated on nearly five acres, Mayton Transfer Lofts is comprised of a mix of studio, one-, and two-bedroom units and 299 gated, off-street parking spaces. Community amenities include controlled access, stacked washer and dryers in every unit, and resident memberships at the adjacent YMCA, which is undergoing a renovation.
Capital Square 1031 sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware statutory trust structure to make quality real estate available to a larger number of investors. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of June 19, 2018, the firm oversees a national portfolio of 68 real estate assets valued at approximately $710 million (based on investment cost).