Capital Square Sells Richmond MF for 156% Return to Investors
Capital Square finalized the sale of Summit at Bon Air Apartments, a 296-unit multifamily community in the Richmond suburb of Bon Air, VA. The property was owned by a group of investors in a Capital Square-sponsored Delaware statutory trust (DST) who realized a 156.19% total return, or a 10.05% annualized return, from their 1031 exchange investment.
“In a challenging environment, Capital Square has exceeded expectations once again,” said Louis Rogers, founder and co-CEO of Capital Square. “Summit at Bon Air Apartments was acquired, financed and managed by Capital Square’s team of experienced real estate professionals. And the property was sold at the optimal time to maximize returns for investors. This DST/1031 program is Capital Square’s 27th DST offering to go full-cycle resulting in an average 170.24% total return.”
Situated on more than 27 acres, Summit at Bon Air Apartments is located at 1701 Irondale Rd. and is comprised of 37 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).