Capital Square 1031 Completes Acquisition of 296-Unit Multifamily Community in Richmond Suburb
October 24, 2018
RICHMOND, VA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware Statutory Trust (DST) offerings, announced its acquisition of a 296-unit multifamily property located in the Richmond suburb of Bon Air, Virginia. Previously known as Axis 147 Apartments, the property is being rebranded as “Summit at Bon Air.”
“This multifamily community is well-located in the region’s most populous county, Chesterfield County, and is conveniently situated near the heavily-traveled Midlothian Turnpike and Huguenot Road, just 20 minutes from downtown Richmond,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property was purchased for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors. Capital Square is bullish on multifamily communities such as this with strong occupancy and exceptional rental growth. Capital Square is pleased to add this property to our portfolio of 67 properties and provide this investment opportunity to our growing number of investors across the nation.”
Located at 1701 Irondale Road, Summit at Bon Air is comprised of 37 residential buildings and a clubhouse. The community includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground and 550 parking spaces.
Situated on 27.09 acres of land, the community was originally constructed in 1974 and was substantially renovated from 2015 to 2017.
Whitson Huffman, vice president of acquisitions, said “Summit at Bon Air benefits from its exceptional proximity to premier retail destinations and access to employment centers across the Richmond region. The property’s generous unit sizes and interior improvements, coupled with the recent construction of a new clubhouse, leasing and fitness center, make it stand out relative to comparable properties in the area and position it well for future growth as we continue interior unit renovations.”
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