Capital Square buys Cosby Village apartment complex for $86M
August 19, 2021
Continuing a run of high-dollar apartment deals, Henrico-based Capital Square has picked up yet another newly built complex, this time in a fast-developing pocket of Chesterfield County.
The firm known for its so-called 1031 exchanges announced it purchased the 307-unit Livingston Apartment Flats in the Cosby Village development for $86 million. The July 29 transaction had not been recorded with the county as of Wednesday.
The seller was Cosby Village Residences LLC, an entity tied to Alabama-based Liv Development, which developed the 9.3-acre property after purchasing it in 2019 for $6 million.
Whit Huffman, chief strategy and investment officer for Capital Square, said the property was appealing for its location in Cosby Village and its fast lease-up since it opened last year.
“Livingston Apartment Flats in particular was attractive because it’s a best-in-class community, it leased up exceptionally quickly, and as it stands today it’s almost 100 percent leased,” Huffman said. “We feel like there’s a strong opportunity to enhance value but also to have a really good outcome for our investors in the long term.”
Chesterfield most recently assessed the developed property at $34.35 million.
With an average rental rate of about $1,600 a month, the apartments consist of one-, two- and three-bedroom units. Community amenities include a two-story, 24-hour fitness, yoga and cross-training center; a workspace area; a conference room and offices; and a game room with pool and shuffleboard tables and a wet bar.
The property also includes a saltwater pool, cabanas and a game lawn, as well as a package room, bike repair shop, snack shop and coffee bar. Other amenities include a dog park and pet-wash station, an outdoor fire table and a car charging station.
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