RICHMOND, VA – 1031 Capital Square, a leading sponsor of Delaware Statutory Trust (DST) offerings for 1031 Exchange and other accredited investors, announced the acquisition of Livingston Apartment Flats, a 307-unit Class A multi-family community in the Chesterfield County submarket Richmond, Virginia. The property was purchased on behalf of CS1031 Livingston Apartment Flats, DST, a reg. No. D Private placement investment offer.
"We are seeing a migration from gateway cities to Richmond and other secondary markets in the Southeast, driving demand and occupancy for Class A homes," said Louis Rogers, Founder and CEO of Capital Square. "We believe this trend will further increase the future value of highly named, well-located properties like Livingston Apartment Flats and is a model for future Capital Square properties."
Located at 15560 Cosby Village Ave., the parish was built in 2020 and is set on 9.34 acres of land. As part of Cosby Village, a 68-acre mixed-use residential area, the community provides residents with convenient access to elegant retail and dining options. Livingston Apartment Flats has one, two and three bedroom units.
Communal facilities include a work area with a coffee maker, a conference room and private offices; a two-story 24-hour fitness, yoga, and cross-training center; and a games room with a pool table, shuffleboard table and wet bar. Additional amenities include a package room, a bicycle repair shop, a snack shop and a gourmet café bar, a saltwater pool, poolside cabanas and a poolside play area. The community also has a dog park and wash station for pets, an outdoor fire table, outdoor ping pong tables, and a charging station for cars.
CS1031 Livingston Apartment Flats, DST is aiming to raise $ 44.5 million in equity from accredited investors and has a minimum investment requirement of $ 50,000.
"Livingston Apartment Flats is an ideal community for residents who value the quality interiors of a luxury multi-family community and easy access to the extensive employment, entertainment and dining options in the Greater Richmond area," said Whitson Huffman, chief strategy and investment officer. "As individuals from gateway cities move to secondary markets, multi-family demand continues to grow in the Richmond area, adding to the value of this property and further positioning it as a model for our investment property portfolio."