Capital Square Buys 12th Multifamily Community Near Richmond for DST Offering
Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Hunter’s Chase, a 320-unit apartment community in the Richmond suburb of Midlothian, Virginia.
Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Hunter’s Chase, a 320-unit apartment community in the Richmond suburb of Midlothian, Virginia.
The property was purchased on behalf of CS1031 Hunter’s Chase DST, a Delaware statutory trust offering that seeks to raise $48.2 million in equity from accredited investors and has a minimum investment of $50,000.
Located at 5200 Hunt Master Drive, the nearly 25-acre property is comprised of one-, two- and three-bedroom units averaging 816 square feet with walk-in closets, in-unit washer and dryer, stainless steel appliances and screened patios and balconies. Property amenities include a resident clubhouse with coffee bar, fitness center, swimming pool with a sundeck, multi-use sports court, BBQ and picnic areas, fenced dog park, and a carwash station.
Hunter’s Chase is adjacent to the Village at Swift Creek and Commonwealth Center shopping malls, offering residents a wealth of local shopping and dining options.
“This is Capital Square’s twelfth acquisition of a multifamily community in the Richmond area for the DST/1031 exchange program,” said Louis Rogers, founder and chief executive officer of Capital Square. “The Richmond area enjoyed 12 percent rent growth over the last year, driving cash flow and residual value. Capital Square is a prolific buyer of apartment communities in the Mid-Atlantic region that benefit from a combination of strong rent growth and high occupancy, along with exceptional economic opportunities, and the ongoing migration of people from gateways citites to the suburbs.”
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT).
In recent years the company has become a developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $5.6 billion in transaction volume.
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