RICHMOND, VA - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of 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 Reg. D private placement investment offering.
"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 community was constructed in 2020 and is situated on 9.34 acres of land. Part of Cosby Village, a 68-acre, mixed-use development, the community provides residents with convenient access to elegant retail and dining options. Livingston Apartment Flats features one-, two- and three-bedroom units.
Community amenities include a workspace area with a coffee maker, conference room and private offices; a two-story, 24-hour fitness, yoga and cross-training center; and a game room with a pool table, shuffleboard table and wet bar. Additional amenities include a package room, bike repair shop, snack shop and gourmet coffee bar, a saltwater pool, poolside cabanas and a poolside game lawn. The community also features a dog park and pet-wash station, an outdoor fire table, outdoor tennis tables and a car charging station.
CS1031 Livingston Apartment Flats, DST seeks to raise $44.5 million in equity from accredited investors and has a minimum investment requirement of $50,000.
"Livingston Apartment Flats is an ideal community for residents who value the high-end interior features of a luxury multifamily community as well as convenient access to Greater Richmond's extensive employment sectors and entertainment and dining options," said Whitson Huffman, chief strategy and investment officer. "As individuals migrate to secondary markets from gateway cities, multifamily demand in the Richmond region continues to grow, supporting the value of this property and further positioning it as a model fit for our investment property portfolio."