Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Tapestry West, a 262-unit Class A multifamily community in Richmond, Virginia. The community was acquired on behalf of CS1031 Tapestry West Apartments, DST, which seeks to raise $60.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“Capital Square is bullish on the Richmond market. The local economy is well known for its strength and stability,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This is Capital Square’s thirteenth acquisition of a multifamily community in the Richmond MSA. This is our home court. We aim to own the home court by acquiring best-in-class apartment communities.”
Located at 2031 Maywill Street, Tapestry West is located in the midst of one of the city’s most vibrant areas and features exceptional community amenities that include: a resort-style swimming pool and large sundeck; an outdoor kitchen and lounge area; a state-of-the-art fitness center; a yoga studio; a bike repair station; a pet spa; a meditation room; a package center; and a clubhouse that features billiards, a coffee bar, business center and co-working stations.
The property is in close proximity to midtown Richmond and the emerging neighborhood of Scott’s Addition, which features 13 breweries, cideries and distilleries, as well as a host of restaurants, night spots and newly developed luxury multifamily communities that cater to a growing number of millennial residents and empty nesters. Established in 1901, Scott’s Addition is a historic area that is now one of Richmond’s fastest growing neighborhoods. Once primarily a hub for industrial buildings and businesses, Scott’s Addition is now home to nationally recognized restaurants, rooftop bars, a boutique bowling alley, cinema, shuffleboard bar, retail shops and more. The area is conveniently located with ready access to several Interstates, including I-64, I-95 and I-195, providing ready access to all of Greater Richmond and the city’s thriving employment base.
“Tapestry West, in our opinion, is an exceptional, luxury multifamily property that caters to Richmond’s thriving population of young professionals who demand high-end finishes and luxury amenities,” said Whitson Huffman, co-chief executive officer. “Greater Richmond is one of the Southeast’s most attractive areas, with a highly educated workforce, a growing economy and a diverse industrial sector. Richmond is flourishing by nearly every measure and Capital Square is excited to be a part of its growth and vibrant future.”
Since its founding in 1737, Richmond has been the strategic center of commerce, innovation and decision-making power in Virginia – a state known for being pro-business. Serving as the Commonwealth’s capital, Richmond is home to key local, state and federal government agencies, providing a strong foundation for professional employment in law, government and finance sectors. In addition, CoStar has announced it will build a $460 million corporate campus in Richmond, creating 2,000 jobs. The LEGO Group is building a 1.7-million-square-foot plant that will be located on a 340-acre site in Chesterfield County, Virginia, part of the Richmond MSA. This will be the first U.S. factory for the maker of the universal plastic building blocks. With construction beginning in fall of 2022, LEGO is investing more than $1 billion to build the factory and it is anticipated to create more than 1,760 jobs.
Since its founding in 2012, Capital Square has acquired 154 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.