Capital Square buys Chesterfield apartment complex for $ 86 million
Livingston Apartment Flats includes 307 units
August 22, 2021
Henrico County-based Capital Square 1031 bought the Livingston Apartments in Chesterfield County from Cosby Village Residences LLC for $ 86 million earlier this month.
Whitson Huffman, director of strategy and investments at Capital Square, noted that Chesterfield’s population grew 11% between 2010 and 2019 and is expected to grow 12% by 2030, making the region attractive for the company. “As the population grows, so does the need for expansion of housing supply,” Huffman said.
Part of the 68-acre Cosby Village mixed-use development, Livingston Apartment Flats at 15560 Cosby Village Ave. includes 307 one, two and three bedroom units with an average rental price of $ 1,642. It is on 9.34 acres and was built in 2020.
Huffman said the company was initially drawn to the building because of its high-quality construction, but also liked the “really solid unit interiors” and amenities, which include a fitness center. 24-hour fitness center, cross-workout, yoga studio, bike repair shop, saltwater pool, animal wash, outdoor fire pit, and private offices.
It’s already 100% leased, he said. According to a company statement, Capital Square hopes to raise $ 44.5 million in equity from investors who have invested at least $ 50,000.
Capital Square has several apartment complexes across the country, many of them in Virginia. She specializes in tax-efficient real estate investments, including Delaware statutory trusts. Since its inception in 2012, the company has structured more than $ 5 billion in investment offers.