Capital Square Living, the multifamily property management subsidiary of Capital Square, announced the assumption of management of four Virginia multifamily communities totaling 1,040 units.
The properties include Saltmeadow Bay Apartments in Virginia Beach, Virginia, and Sapphire at Centerpointe in the Richmond suburb of Midlothian, Virginia. Both communities are owned by Capital Square Apartment REIT Inc., a private non-traded real estate investment trust sponsored by Capital Square that invests in multifamily properties primarily located in the Southeast and Texas. The remaining properties include Streets of Greenbrier Apartments in Chesapeake, Virginia, and Flats at West Broad Village Apartments in Glen Allen, Virginia, both of which are owned by Delaware statutory trusts sponsored by Capital Square.
Capital Square Living is in the process of assuming management of 45 multifamily communities comprising approximately 11,000 units owned by Capital Square’s affiliated apartment REIT, DST programs and opportunity zone funds.
“The assumption of property management by Capital Square Living gives our investors a competitive advantage over sponsors that use third party property managers because a single management team is now responsible for each property, from acquisition until disposition, with a laser focus on each asset, to maximize revenue, increase operating efficiency and reduce unnecessary costs,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Capital Square Living, which was founded in late 2022, now manages 10 residential communities comprised of 2,891 units. By Summer of 2024, Capital Square Living will manage over 45 residential communities comprised of over 11,000 units, and operate in 18 markets, spanning across six states and 25 cities. The firm provides comprehensive, state-of-the-art management services, including operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.
“By internalizing property management, Capital Square is providing best-in-class experience for our residents, from exceptional properties to outstanding customer service, and frankly, we are creating something unique in the marketplace,” said Gus Remppies, multifamily veteran and president of Capital Square Living. “In turn, our vertically integrated business model creates tangible value for thousands of investors served by Capital Square.”
Saltmeadow Bay Apartments, located at 757 Saltmeadow Bay Drive, is comprised of four four-story residential buildings with one-, two- and three-bedroom floorplans across 229 units, ranging in size from 866 square feet to 1,598 square feet. The gated community is within walking distance of Virginia Beach and features a resident clubhouse, controlled-access buildings, elevator-serviced buildings, a resort-style swimming pool, 24-hour fitness center, dog park, onsite storage and covered parking and garages.
Sapphire at Centerpointe, located at 14250 Sapphire Park Lane, was constructed in 2020 and features 192 units with one-, two- and three-bedroom layouts. Community amenities include a resort-style pool, expansive sundeck, pocket parks and a 24/7 fitness center with state-of-the-art cardio and weight training equipment. Additional amenities include quick-charge electric car charging stations, a 24/7, video-monitored package room, a fenced dog park and garage parking.
Streets of Greenbrier Apartments, located at 929 Wintercress Way, was constructed in 2013 on 13.78 acres of land. The community consists of 280 units across nine residential buildings, including studio, one-, two- and three-bedroom layouts ranging in size from 516 square feet to 1,286 square feet. Community amenities include pocket parks with covered swings and grilling stations, a sun deck with Wi-Fi access, a grand oasis-style pool, 24-hour fitness center, poolside grilling area, an outdoor poolside fireplace and TV, as well as a fireplace lounge. Additional amenities include a billiards area, dog park, picnic area near a pond, a free car wash/car vacuum station, valet waste service and onsite recycling.
Flats at West Broad Village Apartments, located at 3930 Wild Goose Lane, is a 339-unit multifamily community situated on approximately 4.86 acres of land and features approximately 9,000 square feet of amenity space, including a state-of-the-art fitness center, a package locker room, co-working areas, a coffee bar, a lounge as well as numerous restaurants and a hotel. Additional amenities include catering space, meeting rooms, a resort pool with sundeck and cabanas, a grilling station with a covered lounge area, a billiards room with outside firepits and a movie theater with stadium seating.
Since its founding in 2012, Capital Square has acquired 170 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation. The company has completed more than $7.5 billion in transaction volume.