Home News Capital Square Apartment REIT Buys Multifamily Community Near Richmond, Virginia

Capital Square Apartment REIT Buys Multifamily Community Near Richmond, Virginia

Capital Square Apartment REIT Inc., a Regulation D real estate investment trust, has purchased Sapphire at Centerpointe, a 192-unit multifamily community in the Richmond suburb of Midlothian, Virginia.

Capital Square Apartment REIT Inc., a Regulation D real estate investment trust, has purchased Sapphire at Centerpointe, a 192-unit multifamily community in the Richmond suburb of Midlothian, Virginia. The purchase price was not disclosed.

According to a filing with the Securities and Exchange Commission, Capital Square Apartment REIT launched in April 2021 and seeks to raise $160 million in investor equity. The minimum investment is $25,000.

“Sapphire at Centerpointe is a highly amenitized, Class A multifamily community,” said Louis Rogers, founder and chief executive officer of Capital Square. “This newly constructed community leased-up and stabilized rapidly, a testament to the quality of the community and the strength of the submarket.”

Sapphire at Centerpointe was constructed in 2020 and includes one-, two- and three-bedroom units, which are currently 97 percent leased. Community amenities include a swimming pool, sundeck, pocket parks and a 24/7 fitness center with cardio and weight training equipment. Additional amenities include electric car charging stations, a video-monitored package room, a fenced dog park and garage parking.

Capital Square, citing CBRE, said that the Richmond multifamily market had the strongest quarterly asking rent gains of any major market in the country during the second quarter of 2020. The city includes 10 Fortune 1000 companies and seven Fortune 500 headquarters.

The acquisition loan has a 10-year term and a 3.16 percent fixed interest rate.

Capital Square is a 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, the company has completed more than $3 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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