Capital Square 1031 Joint Venture Acquires 268-Unit Multi-Family Community in Richmond, Virginia’s West End
RICHMOND, Va. (Dec. 14, 2016) – Capital Square 1031 announced today the joint venture acquisition of the Maple Springs Apartments, a 268-unit multi-family community located in Richmond, Virginia’s West End.
Maple Springs Apartments is comprised of 23 two-story residential buildings and a clubhouse, situated on 18.5 acres of land. Located at 5624 Maple Run Lane, the community features a mix of studio, one-, and two-bedroom units ranging in size from 434 square feet to 864 square feet. Maple Springs Apartments includes 425 parking spaces. The property was approximately 95 percent occupied at the time of acquisition.
“Prior to our acquisition of Maple Springs Apartments, the seller completed extensive common area and interior apartment upgrades which have positioned the property as a high quality apartment community,” said Seth Harris, executive vice president and head of acquisitions at Capital Square 1031.
“Adding to its attractiveness, the community enjoys an enviable location in Richmond’s West End, one of the city’s top residential markets that has consistently achieved strong rent growth and low vacancy rates. Capital Square is pleased to add this property to its assets under management, now including 58 real estate assets valued at approximately $566 million, based on investment cost,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
Maple Springs Apartments is surrounded by employment centers, medical services, shopping, schools, recreation and entertainment options for residents. Community amenities include a clubhouse with Wi-Fi, a fitness center, lounge, coffee bar and tanning salon. The property also features a two-tiered swimming pool with a waterfall and hot tub, tennis and volleyball courts, a grill/picnic area, walking/biking trails and a dog park. Interior unit amenities include a washer/dryer set, walk-in closets, ceiling fans and fireplaces with mantles. Second-floor units also feature vaulted ceilings.
Maple Springs Apartments is part of a Delaware statutory trust (DST) offering.
With an area population of 1.3 million and approximately 225,000 residents within the city, the Richmond metropolitan statistical area has produced nearly six years of year-over-year employment growth. According to the Bureau of Labor Statistics, the Richmond metro area added 20,100 jobs for the year ending July 2016, reflecting an annual growth of 3.1 percent. As of September 2016, the metropolitan area has an unemployment rate of 4.1 percent, 90 basis points lower than the U.S. average during the same month. The city is home to one of 12 Federal Reserve Banks and the United States Court of Appeals for the Fourth Circuit. There are 10 Fortune 1000 Companies within Richmond, including Altria Group, CarMax, Dominion Resources, Genworth, Owens and Minor, WestRock, Markel, Brink’s, Universal and NewMarket.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of December 7, the firm oversees a growing national portfolio of 56 real estate assets valued at approximately $566 million (based on investment cost). In September 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense, with 274 percent annual revenue growth from 2013 to 2015. To learn more, visit www.CapitalSquare1031.com.