Capital Square 1031, a real estate investment and management firm specializing in Delaware statutory trust offerings, has purchased a 296-unit multifamily property located in the Richmond suburb of Bon Air, Virginia. The purchase price was not disclosed.
Previously known as Axis 147 Apartments, the property is being rebranded as “Summit at Bon Air.” Louis Rogers, founder and CEO of Capital Square 1031 noted that the property was purchased for a Delaware statutory trust offering, primarily for Section 1031 exchange investors.
Constructed in 1974 and renovated from 2015 to 2017, Summit at Bon Air is comprised of 37 residential buildings and a clubhouse situated on 27 acres of land. The property includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, swimming pool, fitness center, playground and 550 parking spaces.
“This multifamily community is well located in the region’s most populous county, Chesterfield County, and is conveniently situated near the heavily traveled Midlothian Turnpike and Huguenot Road, just 20 minutes from downtown Richmond,” added Rogers.
Since inception, Capital Square 1031 has sponsored 50 DSTs and has completed approximately $815 million in transaction volume.
Capital Square 1031 sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code using the Delaware statutory trust structure. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors.