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.
