Capital Square, a sponsor of tax-advantaged real estate investments, has purchased Tapestry West, a 262-unit Class A multifamily community in Richmond, Virginia.
The property was acquired on behalf of CS1031 Tapestry West Apartments DST, a Delaware statutory trust offering that seeks to raise $60.7 million in equity from accredited investors with a minimum investment requirement of $50,000.
Located at 2031 Maywill Street, Tapestry West is within close proximity to midtown Richmond and the emerging neighborhood of Scott’s Addition. Community amenities include a swimming pool and sundeck, an outdoor kitchen and lounge area, a fitness center and yoga studio, a bike repair station, pet spa, meditation room, and a clubhouse with billiards, a coffee bar, business center and co-working stations.
“Capital Square is bullish on the Richmond market. The local economy is well known for its strength and stability,” said Louis Rogers, founder and co-chief executive officer. “This is Capital Square’s thirteenth acquisition of a multifamily community in the Richmond MSA. This is our home court. We aim to own the home court by acquiring best-in-class apartment communities.”
Established in 1901, the historic Scott’s Addition neighborhood has 13 breweries, cideries and distilleries, as well as a host of restaurants and night spots, is now one of Richmond’s fastest growing neighborhoods, Capital Square said.
“Tapestry West, in our opinion, is an exceptional, luxury multifamily property that caters to Richmond’s thriving population of young professionals who demand high-end finishes and luxury amenities,” said Whitson Huffman, who was recently promoted to co-CEO. “Greater Richmond is one of the Southeast’s most attractive areas, with a highly educated workforce, a growing economy and a diverse industrial sector. Richmond is flourishing by nearly every measure and Capital Square is excited to be a part of its growth and vibrant future.”
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. 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 due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high-net-worth investors, private equity firms, family offices and institutional investors.