Capital Square 1031 Buys Richmond Community

Richmond. Image by Stephen Poore via Unsplash.com

Capital Square 1031 has acquired Livingston Apartment Flats, a 307-unit community in Richmond, Va., from LIV Development. The recently completed property is part of the 68-acre Cosby Village development.

The company purchased the Class A property on behalf of the CS1031 Livingston Apartment Flats Delaware Statutory Trust, looking to raise $44.5 million in equity from accredited investors.

According to Chesterfield County records, LIV Development purchased the land spanning 9.3 acres in 2019 for $6 million. The developer funded the construction with a $39.7 loan provided by Truist Financial Corp.

Livingston Apartment Flats

Located at 15560 Cosby Village Ave., the property features one-, two- and three-bedroom apartments with floorplans ranging from 587 to 1,827 square feet. The 2020-built Livingston Apartment Flats encompass six buildings.

The community provides a conference room, a two-story fitness center, a yoga lawn, a saltwater swimming pool and poolside cabanas, ping pong tables, bocce ball court as well as a coffee and tea bar. Its resident clubhouse is equipped with a game room, billiards and shuffleboard tables along with a wet bar. The pet-friendly property offers a dog spa and pet park outfitted with an agility course.

Livingston Apartment Flats is within walking distance of the 10-acre, Publix-anchored commercial section of Cosby Village. Downtown Richmond is roughly 23 miles northeast of the property, while Pocahontas State Park is within 12 miles.

Since its inception in 2012, Capital Square 1031 has acquired 134 commercial real estate assets adding up to more than $3 billion in closed transactions. In June, the owner paid $52.7 million for Integra Vistas, a 280-unit property in Chattanooga, Tenn.