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Capital Square 1031 Acquires Virginia Multifamily Property

Capital Square 1031, a sponsor of Delaware statutory trusts, acquired Perry Place Apartments, a 70-unit historic loft style apartment community located in Richmond, Virginia. The company did not disclose the purchase price.

Originally constructed in 1912 and recently renovated, Perry Place is a two-story building located at 815 Perry St. within Richmond’s Manchester Arts District. The units range in size from studio to three-bedroom apartments, with views of the James River and the downtown skyline. Situated on 1.24 acres of land, the property was 100 percent occupied at the time of the acquisition.

“Perry Place is located in a growing, historic area with an abundance of neighborhood amenities and convenient access,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “It is in close proximity to Richmond’s central business district, providing many convenient employment opportunities for residents, with unique and architecturally appealing units.”

Property amenities include 24-hour controlled access, an outdoor swimming pool, community roof deck area, fitness center, community club room and 70 parking spaces.

“Richmond is a thriving city with a diversified and growing economy,” said Yogi Singh, director of acquisitions with Capital Square. “We are excited to add this well positioned apartment community to our growing portfolio.”

Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. As of December 31, 2015, the company oversees a growing national portfolio of 39 real estate assets valued at approximately $370 million, based on investment cost.

Click here to visit the Capital Square 1031 directory sponsor page.