Capital Square 1031 Joint Venture Buys Richmond Multifamily Property

Capital Square 1031, a sponsor of replacement property for Section 1031 exchanges, and Kay Properties & Investments, a provider of DST brokerage and advisory services, have purchased Maple Springs Apartments, a 268-unit multi-family community located in Richmond, Virginia’s West End. Maple Springs Apartments is part of a Delaware statutory trust offering, CS1031/Kay Maple Springs Apartments DST.

Maple Springs Apartments is comprised of 23 two-story residential buildings and a clubhouse, situated on 18.5 acres of land. Located at 5624 Maple Run Lane, the community features a mix of studio, one-, and two-bedroom units ranging in size from 434 square feet to 864 square feet. Maple Springs Apartments includes 425 parking spaces and was approximately 95 percent occupied at the time of acquisition.

“Prior to Capital Square and Kay’s combined acquisition of Maple Springs Apartments, the seller completed extensive common area and interior apartment upgrades which have positioned the property as a high-quality apartment community,” said Seth Harris, executive vice president and head of acquisitions at Capital Square 1031.

“Adding to its attractiveness, the community enjoys an enviable location in Richmond’s West End, one of the city’s top residential markets that has consistently achieved strong rent growth and low vacancy rates. Capital Square is pleased to add this property to its assets under management, now including 58 real estate assets valued at approximately $566 million, based on investment cost,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

Maple Springs Apartments is surrounded by employment centers, medical services, shopping, schools, recreation and entertainment options for residents. Community amenities include a clubhouse with Wi-Fi, a fitness center, lounge, coffee bar and tanning salon. The property also features a two-tiered swimming pool with a waterfall and hot tub, tennis and volleyball courts, a grill/picnic area, walking/biking trails and a dog park. Interior unit amenities include a washer/dryer set, walk-in closets, ceiling fans and fireplaces with mantles. Second-floor units also feature vaulted ceilings.

Capital Square 1031 sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. The firm provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition for high net worth investors, private equity firms, family offices and institutional investors. As of December 7, the firm oversees a growing national portfolio of 56 real estate assets valued at approximately $566 million (based on investment cost).

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