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| Seth Harris |
RICHMOND, Va. (Dec. 14,
2016) – Capital Square 1031 and Kay Properties & Investments announced
today the acquisition of the Maple Springs Apartments, a 268-unit multi-family
community located in Richmond, Virginia’s West End.
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. The
property 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.
For a
complete copy of the company’s news release, please contact:
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703
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