Capital Square 1031 Buys Multifamily Community Near Richmond for DST Offering
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Artistry at Winterfield, a Class A 200-unit multifamily property in the Richmond.
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Artistry at Winterfield, a Class A 200-unit multifamily property located in the Richmond suburb of Midlothian, Virginia.
The property was purchased on behalf of CS1031 Artistry at Winterfield Apartments DST, a private placement offering that seeks to raise $35.2 million in equity from accredited investors and has a minimum investment of $50,000.
“Artistry at Winterfield is another superb addition to Capital Square’s growing portfolio of Class A apartment communities in the Southeast to Texas,” said Louis Rogers, founder and chief executive officer. “Located in Midlothian, Virginia, a short drive on Highway 288 from Capital Square’s headquarters, Artistry is located in a well-to-do neighborhood with a median household income of $172,916 within a one-mile radius, according to Yardi Matrix. And the icing on the cake – 19.6 percent rent growth in the submarket, the highest year-over-year rent growth in the region, as of August 2021.”
Artistry at Winterfield is comprised of one- and two-bedroom units with stainless steel appliances, in-unit washer and dryers, walk-in closets as well as private patios and balconies. Amenities include a clubhouse, swimming pool and fitness center, as well as a resident lounge with a pool table and a business center.
Located at 1000 Artistry Drive, the property is located 15 miles from downtown Richmond within close proximity to multiple retail and dining options.
“Artistry at Winterfield is located in Midlothian, a thriving suburb of Richmond,” said Whitson Huffman, chief strategy and investment officer. “The population within a five-mile radius of Artistry at Winterfield is projected to increase 4.09 percent in five years. Capital Square is bullish on the Richmond MSA, not only for its proximity to our firm’s headquarters, but also due to its exceptional market fundamentals and notable growth.”
Capital Square specializes in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed $4 billion in transaction volume. Capital Square’s related entities provide due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high-net-worth investors, private equity firms, family offices and institutional investors.
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