RICHMOND, VA – Capital Square Apartment REIT announced the acquisition of Sapphire at Centerpointe, a 192-unit Class A apartment building in Midlothian, a suburb of Richmond, Virginia.
"Sapphire at Centerpointe is a cutting-edge, Class A, multi-family community," said Louis Rogers, founder and chief executive officer of Capital Square. "This newly built community rented out and stabilized quickly, a testament to the quality of the community and the strength of the sub-market."
Sapphire at Centerpointe was built in 2020 and has one-, two-, and three-bedroom units that are currently 97 percent rented. Communal facilities include a resort-style pool, spacious sun terrace, pocket parks, and a 24-hour fitness center with state-of-the-art cardio and weight training equipment. Additional amenities include fast charging stations for electric cars, a 24/7 video-monitored parcel room, a fenced dog park and a garage parking lot.
"Sapphire at Centerpointe is a premier multi-family community in a thriving area with a strong demographic profile, including a highly educated population and increased average household income," said Whitson Huffman, chief strategy and investment officer. "The community is experiencing significant rental growth as the original rental concessions burn down and rents rise when units are moved and extended."
Located at 14250 Sapphire Park Lane near Richmond, the community provides residents with convenient access to a diverse employment base, as well as restaurants and retail options. The Sapphire at Centerpointe is just off Route 288, Richmond's Beltway, which gives residents quick access to Interstates 64, 95 and Powhite Parkway. The property is 18 miles from downtown Richmond and the Short Pump submarket.
The Richmond multi-family market was seen as the winner of the COVID era, with the strongest quarterly asking rent increases of any major market in the country in Q2 2020, according to CBRE. The city has a diverse employment base that includes 10 Fortune 1000 companies and seven Fortune 500 headquarters.
Alexandra Huffman, Justin Nelson and Lynn Pearson with Walker & Dunlop received the 10 year acquisition loan with a 3.16% fixed income home loan rate.
Since the company's inception, Capital Square has acquired 129 properties for over 3,000 investors looking for stable cash flow and capital appreciation.