RICHMOND, Va., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Capital Square 1031 announced today that the company has acquired Perry Place Apartments, a 70-unit historic loft style apartment community located in Richmond, Va.
Perry Place is a two-story building located at 815 Perry St., within Richmond’s expanding Manchester Arts District. The historic and recently renovated building is situated on approximately 1.24 acres of land. The units range in size from studio to three-bedroom apartments, with views of the James River and downtown skyline. The property also includes a community club room and 70 parking spaces.
“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 and on-site parking. Perry Place is less than 1.5 miles from the Wells Fargo and Bank of America towers in Richmond’s central business district and is adjacent to the headquarters of SunTrust Mortgage, a Fortune 500 company. Originally constructed in 1912 and recently renovated, Perry Place Apartments was 100 percent occupied at the time of the acquisition.
“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.”
The capital of the Commonwealth of Virginia, Richmond’s economy is driven by government, higher education, finance, law and biotechnology. The city ranked second on National Geographic’s list of “Where to Travel for Food in 2016,” and third on Travel + Leisure’s global list of “Best Places to Travel in 2016.” A total of six Fortune 500 companies are based in greater Richmond, and three other companies have a large presence in the area. The area’s higher education offerings include 10 four-year institutions and 13 two-year institutions.
Capital Square 1031’s real estate portfolio includes 39 properties valued at approximately $370 million.
About Capital Square 1031
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. Louis J. Rogers, founder and chief executive officer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts. To learn more, visit www.CapitalSquare1031.com.
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Source:Capital Square Realty Advisors, LLC