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Capital Square Acquires 192-Unit MF Property in Richmond

Capital Square Apartment REIT has acquired Sapphire at Centerpointe, a 192-unit multifamily community in Midlothian, a suburb of Richmond, VA. The sales price was not disclosed.

Sapphire at Centerpointe was built in 2020 and features one-, two- and three-bedroom units, which are currently 97 percent leased. Amenities include a resort-style pool, sundeck, pocket parks and a 24/7 fitness center with modern cardio and weight training equipment. Located at 14250 Sapphire Park Lane, near Richmond, the community offers residents convenient access to a diverse employment base, as well as dining and retail options.

Alexandra Huffman, Justin Nelson and Lynn Pearson of Walker & Dunlop secured the acquisition loan on behalf of Capital Square. Terms of the financing included a 10-year term and a 3.16% fixed interest property loan rate.

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About David Cohen

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.

  • ◦Sale/Acquisition
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