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Glen Allen-based real estate company Capital Square has launched a wholly-owned subsidiary to oversee management of the company’s multifamily portfolio, the company announced March 20.
Capital Square Living will oversee off management of the company’s 55 residential communities, including 14,000 units across the Southeast and Texas. The subsidiary currently has 20 employees and is expected to grow to more than 300 when all properties are brought on board. Corporate employees are based in Richmond.
Capital Square was founded in 2012 with its development arm coming along in 2019 followed by the creation of Capital Square Apartment REIT in 2021 and the launch of its private equity group in 2022.
“Capital Square Living is the final step — creating a competitive advantage by providing property management services for our growing portfolio,” Capital Square founder and Capital Square co-CEO Louis Rogers said in a statement.
“Capital Square is now a vertically integrated real estate company,” Rogers said.
Capital Square Living is led by President Gus Remppies, who has more than three decades of experience working with multifamily properties. Remppies joined Capital Square Jan. 1. He previously served as president, chief operating officer, chief administrative officer and chief investment officer of Landmark Apartment Trust, formerly known as Grubb Ellis Apartment REIT, prior to its acquisition in 2016 by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust in an all-cash transaction valued at approximately $1.9 billion. Under Remppies’ leadership, Landmark’s multifamily portfolio included 24,000 apartment units throughout the South and Texas. Remppies also served as executive vice president of Grubb & Ellis Residential Management and as a senior executive with Cornerstone Realty Income Trust Inc., where he oversaw the acquisition and development of approximately 30,000 apartment units.
“Capital Square Living will deliver superior property management services by providing a best-in-class experience for our residents, exceptional living and outstanding customer service,” Remppies said in a statement. “We are not simply managing apartments; we are providing quality residences and establishing livable communities for thousands of residents in the vibrant Southeast.”
Capital Square Living will begin onboarding communities in April. Management services will include operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.
Capital Square has completed more than $7.5 billion in transaction volume since its founding in 2012.
