Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased a Class A, 339-unit multifamily community in Glen Allen, Virginia, a suburb of Richmond, near the firm’s headquarters.
The property was purchased on behalf of CS1031 Flats at West Broad Village Apartments DST, a Regulation D private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment of $50,000.
“Located in West Broad Village, Flats at West Broad is part of a unique lifestyle community that includes approximately 380,000 square feet of retail space, including Whole Foods, REI, Target and Home Goods,” said Louis Rogers, founder and chief executive officer of Capital Square.
The community is located near Innsbrook Office Park, a more than six-million-square-foot office park with numerous employers, including Capital One, Bon Secours Health System, Dominion Virginia Power, and the corporate headquarters of Markel and Capital Square.
Flats at West Broad Village sits on nearly five acres of land and includes approximately 9,000 square feet of amenity space. The property includes a fitness center, a package locker room, a coffee bar, a lounge, restaurants and a hotel. Additional amenities include meeting rooms, a pool with sundeck and cabanas, a grilling station, a billiards room with outside fire pits, and a movie theater with stadium seating.
“The Greater Richmond area is a strong performer, with exceptional employment growth, reasonable cost of living and the highest multifamily rent growth in the nation, according to Yardi Matrix,” said Whitson Huffman, chief strategy and investment officer.
Capital Square is a national real estate firm specializing 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 more than $3.6 billion in transaction volume. The firm’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.