RICHMOND, VA - Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust (DST) offerings, announced the acquisition of a 294-unit multifamily community in Richmond, Virginia, for CS1031 Hickory Creek Apartments, DST, a Reg. D investment offering.
"Hickory Creek Apartments is well located near Capital Square's headquarters and benefits from its proximity to extensive employment, retail and recreation options," said Louis Rogers, founder and chief executive officer of Capital Square 1031. "Multifamily communities such as Hickory Creek Apartments are a growth investment because Capital Square 1031 is able to raise rents annually and grow the net operating income over the holding period. We are pleased to add this quality property to our growing investment portfolio, the 74th property Capital Square has acquired."
Located at 2344 Hickory Creek Drive, Hickory Creek Apartments is comprised of 19 residential buildings and a clubhouse with a leasing office. Situated on 20.40 acres of land, the community includes one- and two-bedroom floorplans ranging in size from 830 square feet to 1,030 square feet. Community amenities include a swimming pool with sundeck, fitness center, lighted tennis courts, car wash area, sauna, dog park, optional reserved carport parking, Verizon FiOS and 24-hour emergency maintenance.
"Hickory Creek fits well with Capital Square's multifamily investment strategy of purchasing geographically desirable and well-maintained assets in growth markets that offer value-add upside through interior unit and common area renovations," said Whitson Huffman, senior vice president of acquisitions. "The property benefits from its proximity to West Broad Village and Short Pump Town Center, featuring over 5.5 million square feet of retail and employment centers, including the Innsbrook Office Park, which has over 8 million square feet of office space that is home to over 400 companies and 20,000 employees."
Originally constructed in 1984, the community had more than $2 million in capital improvements invested in it by previous ownership since 2016.