The acquisition is on behalf of a Delaware statutory trust investment offering that seeks to raise $44.5 million in equity from accredited investors.
A leading sponsor of Delaware statutory trust (DST) on Thursday announced the acquisition of Livingston Apartment Flats, a Class A, 307-unit multifamily community in the Chesterfield County submarket of Richmond, Virginia. The property was acquired on behalf of CS1031 Livingston Apartment Flats, DST, a Reg. D private placement investment offering.
The founder and chief executive officer of Capital Square, Louis Rogers, said they have experiencing mass migration from gateway cities to Richmond and other secondary markets in the Southeast, and that is driving demand and occupancy of Class A apartments.
He added that this trend is believed to continue as it will determine the future value of sophisticated and well-located properties, such as Livingston Apartment Flats, which is a model for future Capital Square properties.
Located at 15560 Cosby Village Ave., the community was constructed in 2020 and is situated on 9.34 acres of land. Part of Cosby Village, a 68-acre, mixed-use development, the community provides residents with convenient access to elegant retail and dining options. Livingston Apartment Flats features one-, two- and three-bedroom units.
Community amenities include a workspace area with a coffee maker, conference room and private offices; a two-story, 24-hour fitness, yoga and cross-training center; and a game room with a pool table, shuffleboard table and wet bar. Additional amenities include a package room, bike repair shop, snack shop and gourmet coffee bar, a saltwater pool, poolside cabanas and a poolside game lawn. The community also features a dog park and pet-wash station, an outdoor fire table, outdoor tennis tables and a car charging station.
