Capital Square 1031 Acquires 280-Unit MF Property in Chesapeake
Capital Square 1031 has acquired Streets of Greenbrier, a 280-unit multifamily community in Chesapeake, VA. The sales price was reported as $67.25 million.
Located at 929 Wintercress Way in Virginia’s Hampton Roads region, the property was constructed in 2013 on nearly 14 acres of land. The community consists of nine residential buildings and includes studio, one-, two- and three-bedroom units ranging in size from 516 square feet to 1,286 square feet. Amenities include pocket parks with covered swings and grilling stations, a sun deck with Wi-Fi access, a grand oasis-style pool, 24-hour fitness center, poolside grilling area, an outdoor poolside fireplace and TV as well as a fireplace lounge.
The property was acquired for CS1031 Streets of Greenbrier Apartments, DST, a Reg. D private placement. CS1031 Streets of Greenbrier Apartments, DST seeks to raise $35.5 million in equity from accredited investors and has a minimum investment of $50,000.
NorthMarq’s Richmond office investment sales team of Managing Directors Wink Ewing and Mike Marshall, along with Ryan Rilee, associate vice president, arranged the sale on behalf of Richmond-based seller, GrayCo Inc.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.