Capital Square 1031 and Kay Properties Acquire 268-Unit Multi-Family Community in Richmond, Virginia’s West End

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                   

    julie@spotlightmarcom.com