RICHMOND, VA - Capital Square Apartment REIT announced its acquisition of Sapphire at Centerpointe, a Class A, 192-unit multifamily community in Midlothian, a suburb of Richmond, Virginia.
"Sapphire at Centerpointe is a highly amenitized, Class A multifamily community," said Louis Rogers, founder and chief executive officer of Capital Square. "This newly constructed community leased-up and stabilized rapidly, a testament to the quality of the community and the strength of the submarket."
Sapphire at Centerpointe was constructed in 2020 and features one-, two- and three-bedroom units, which are currently 97 percent leased. Community amenities include a resort-style pool, expansive sundeck, pocket parks and a 24/7 fitness center with state-of-the-art cardio and weight training equipment. Additional amenities include quick-charge electric car charging stations, a 24/7, video-monitored package room, a fenced dog park and garage parking.
"Sapphire at Centerpointe is a premium multifamily community located in a thriving area with a strong demographic profile, including a highly educated population and elevated median area household income," said Whitson Huffman, chief strategy and investment officer. "The community is experiencing substantial rent growth as original lease concessions burn off and rents increase on unit rollovers and renewals."
Located at 14250 Sapphire Park Lane, near Richmond, the community offers residents convenient access to a diverse employment base, as well as dining and retail options. Sapphire at Centerpointe is located directly off of Route 288, Richmond's beltway, which provides residents quick access to Interstates 64, 95 and Powhite Parkway. The property is approximately 18 miles from downtown Richmond and the Short Pump submarket.
The Richmond multifamily market was considered the COVID-era winner, with the strongest quarterly asking rent gains of any major market in the country during the second quarter of 2020, according to CBRE. The city has a diverse employment base, which includes 10 Fortune 1000 companies and seven Fortune 500 headquarters.
Alexandra Huffman, Justin Nelson and Lynn Pearson with Walker & Dunlop sourced the acquisition loan, which has a 10-year term and a 3.16% fixed interest property loan rate.
Since the company was founded, Capital Square has acquired 129 real estate assets for over 3,000 investors seeking stable cash flow and capital appreciation.