Capital Square 1031 Buys Virginia Multifamily Property for DST Offering
August 13, 2021
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Livingston Apartment Flats, a Class A, 307-unit multifamily community in the Chesterfield County submarket of Richmond, Virginia.
The property was acquired on behalf of CS1031 Livingston Apartment Flats DST, a Regulation D private placement offering that seeks to raise $44.5 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“We are experiencing a migration from gateway cities to Richmond and other secondary markets in the Southeast, which is driving demand and occupancy of Class A apartments,” said Louis Rogers, founder and chief executive officer of Capital Square. “We believe this trend will continue to drive the future value of highly amenitized, well-located properties, such as Livingston Apartment Flats, and is a model for future Capital Square properties.”
Located at 15560 Cosby Village Ave., the property was constructed in 2020 and is situated on 9.3 acres of land. Part of Cosby Village, a 68-acre, mixed-use development, the community is comprised of one-, two- and three-bedroom units.
Community amenities include a workspace area with a conference room and private offices; a two-story, 24-hour fitness, yoga and cross-training center; and a game room. Additional amenities include a package room, bike repair shop, snack shop and coffee bar, a saltwater pool, poolside cabanas and a game lawn. The community also has a dog park and pet-wash station, an outdoor fire table, outdoor tennis tables and a car charging station.
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