Capital Square has acquired a multifamily community in the Woodbridge, Va., suburb of Washington, D.C. Rivergate is a 402-unit luxury property bought on behalf of CS1031 Rivergate Apartments DST. According to Yardi Matrix data, the asset was purchased for $98.5 million from The Shidler Group, which bought Rivergate in 2019 for $89.5 million.
The acquisition was partially funded through a CMBS loan for $65 million where Citibank acted as the lender. Completed in 2018, Rivergate has an occupancy rate of 95.8 percent.
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Although the Washington, D.C. metro is lagging the national rate of economic recovery, it has the country’s fourth-largest rental pipeline. Per-unit prices have been rising for years, now up to an average of $289,545. Rivergate sold at $245,024 per apartment.
Located at 13175 Marina Way, the community is in the economic sector of Northern Virginia and the larger Washington, D.C. area. Amazon is opening a second headquarters 20 miles from Rivergate in 2023, employing some 25,000 workers. Other companies such as Capital One Entities, GEICO, Freddie Mac, Marriott International, Booz Allen Hamilton and Northrop Grumman also occupy the region.
Rivergate is 5 miles away from Potomac Mills, a shopping and dining outlet featuring over 200 stores and restaurants. It is 4 miles away from the Sentara Northern Virginia Medical center and the Kaiser Permanente medical center, employing another 1,500 people.
Community amenities include a pool, rooftop terrace, bar, volleyball court, fitness center and kayak and bicycle storage for use along the Occoquan River in the Potomac River basin. Rivergate’s one-, two- and three-bedroom apartments feature balconies, pendant lighting, keyless entry and in some homes, kitchen islands.
Earlier this month, the firm bought a manufactured housing community in Palmetto, Fla., for $69.9 million. CS1031 Rivergate’s Apartments DST is now seeking $46.5 million in equity.