Capital Square, a sponsor of tax-advantaged real estate investments, has purchased The Trails at Short Pump, a 350-unit multifamily community in Richmond, Virginia. The acquisition brings Capital Square’s total transaction activity to more than $6 billion since its inception in 2013.
The property was purchased on behalf of CS1031 The Trails at Short Pump Apartments DST, a Delaware statutory trust offering that seeks to raise $54.5 million from accredited investors and has a minimum investment of $50,000.
Located at 3900 Acadia Lane, the 31-acre property is comprised of one-, two- and three-bedroom units averaging 878 square feet. Community amenities include a clubhouse, fitness center, recreation center, swimming pool with a sundeck, grilling area, tennis court, package lockers and a dog park. Residents also have access to 32 million square feet of retail and office space within a five-mile radius of the property, the company noted.
“Capital Square continues to own the home court from northern Virginia, through central Virginia (Richmond and Williamsburg) to Tidewater with this latest acquisition in suburban Richmond, Virginia,” said Louis Rogers, founder and chief executive officer. “This is Capital Square’s twenty-first acquisition of a Class A or B apartment community in Virginia. The region is experiencing exceptional stability, job production and rent growth.”
According to the company, the property is located in the Three Chopt submarket, which has average household incomes in excess of $100,000 and an occupancy rate of 95.3 percent. Projected rent growth for the submarket is 11 percent for the next 12 months.
“The Trails at Short Pump is ideally located in the midst of one of the most affluent neighborhoods in Richmond and provides residents with easy access to major employment and retail centers,” said Whitson Huffman, chief strategy and investment officer. “The property typifies the value-add, amenity-rich multifamily properties that Capital Square seeks to bring to its investors.”
Capital Square is a 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. 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 $6 billion in transaction volume. The firm’s related entities provide a range of services, including 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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