RICHMOND, VA - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a Class A, 339-unit multifamily community in Glen Allen, Virginia, a suburb of Richmond, near the firm's headquarters. The community was acquired on behalf of CS1031 Flats at West Broad Village Apartments, DST, a Reg. D private placement investment offering.
"Located in West Broad Village, Flats at West Broad is part of a unique lifestyle community that includes approximately 380,000 square feet of retail space, including Whole Foods, REI, Target and Home Goods," said Louis Rogers, founder and chief executive officer of Capital Square. "The community is located near Innsbrook Office Park, a more than six-million-square-foot office park with numerous major employers, including Capital One, Bon Secours Health System, Dominion Virginia Power and the corporate headquarters of Markel and Capital Square. Unique to Richmond, residents have the opportunity to live, work and play in the neighborhood and have excellent access to U.S. Route 250 and Interstate 64."
Located at 3930 Wild Goose Lane, Flats at West Broad Village is situated on approximately 4.86 acres of land and is within walking distance of approximately 380,000 square feet of retail space. The community features approximately 9,000 square feet of amenity space, including a state-of-the-art fitness center, a package locker room, co-working areas, a coffee bar, a lounge as well as numerous restaurants and a hotel. Additional amenities include catering space, meeting rooms, a resort pool with sundeck and cabanas, a grilling station with a covered lounge area, a billiards room with outside firepits and a movie theater with stadium seating.
"The Greater Richmond area is a strong performer, with exceptional employment growth, reasonable cost of living and the highest multifamily rent growth in the nation, according to Yardi Matrix," said Whitson Huffman, chief strategy and investment officer. "Being the state's capital and home to many colleges and universities, a large medical complex, and seven Fortune 500 companies, the Richmond area is extremely stable."