Capital Square Sells Richmond Community for $115M
The deal marks one of the largest multifamily sales in the metro's history.
Image courtesy of Capital Square
Capital Square has sold 2000 West Creek Apartments, a 373-unit community in Richmond, Va., to Weinstein Properties, for $115 million. Regions Bank issued a $79.3 million acquisition loan, according to Yardi Matrix information. Colliers brokered the transaction, marking one of the largest multifamily deals in the metro’s history.
Capital Square had previously purchased the asset in October 2019 for $103 million, through its CS1031 2000 West Creek Apartments, DST, a Delaware Statutory Trust investment program for 1031 exchange investors.
A total of 115 exchange investors owned the DST. Since Weinstein Properties’ acquisition, Capital Square has completed the investment’s full cycle, delivering 137 percent total return to its investors.
Zooming in on 2000 West Creek Apartments
Developed by Bristol Development Group, the 373,251-square-foot 2000 West Creek Apartments came online in 2018 on a 23-acre site at 2000 Broad Branch Drive. Out of the total number of units, 357 are apartments and 16 are townhomes. Featuring one- and two-bedroom floorplans, layouts range from 774 to 1,246 square feet. Shared amenities include conference and meeting rooms, a lounge, a swimming pool, grilling stations, a fitness center, a dog park and reserved garage parking.
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Colliers Vice Chairman Will Mathews, Senior Vice President Thomas Leachman and Associate William Dickinson led the team that represented Capital Square in the deal.
The property is near Virginia State Route 288, which connects the area to downtown Richmond, 21 miles southeast. Additionally, 2000 West Creek Apartments is within 9 miles northwest of University of Richmond.
In the first two months of this year, eight assets traded across metro Richmond, amounting to a total sales volume of $161 million, according to a Yardi Matrix report. The largest deal out of those eight was Capital Square’s $64 million purchase of Everleigh Short Pump, a 55-plus active-adult community in Henrico, Va. Greystar sold the property through a 1031 tax-deferred exchange, at $384,848 per unit.
