Capital Square 1031 Buys Richmond Multifamily
The apartment complex has 550 parking spaces for residents and their guests.
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RICHMOND–Capital Square 1031, a real estate investment and management firm specializing in Delaware Statutory Trust (DST) offerings, has acquired a 296-unit multifamily property formerly known as Axis 147 Apartments. The property is now called Summit at Bon Air.
The Summit at Bon Air encompasses 37 residential buildings, a clubhouse, and one-, two- and three-bedroom floor-plans ranging from 872 SF – 1,321 SF. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground plus 550 parking spaces.
Situated on 27.09 acres of land, the community was originally constructed in 1974 and was renovated over a period of time between 2015 – 2017.
Purchased for a DST offering, the property was primarily offered for Section 1031 exchange investors and will be added to Capital Square’s portfolio of 67 properties.
Since inception, Capital Square 1031 has sponsored 50 DSTs and has completed approximately $815 million in transaction volume.