Capital Square 1031 acquires apartment building in Petersburg

Capital Square 1031 has acquired a 223-unit multifamily community in Old Towne Petersburg.

Mayton Transfer Lofts, located at 250-316 East Bank St., was built in 1911 and formerly was a warehouse and moving storage facility. In 2008 and 2012 the property was transformed into Class A apartment building that features historic elements from its original construction, including exposed brick, hardwood and concrete floors, high ceilings and original beams.

The community, which is located on 4.66 acres, includes 16 studio apartments, 152 one-bedroom, one-bathroom apartments, 46 two-bedroom, one-bathroom apartments, four two-bedroom, two-bathroom apartments and five two-story townhouse units. It was developed by Dave McCormack of Plum Street Partners, which will continue to manage the property.

Community amenities include 299 gated, off-street parking spaces, controlled access, stacked washer and dryers in every unit and resident memberships at the adjacent YMCA, which is undergoing a major renovation.

The property also is located within walking distance of a local coffee shop, restaurants, bakery and brewery.

Capital Square 1031 is a national real estate investment and management company based in Glen Allen. The firm sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. This acquisition brings the worth of Capital Square 1031’s portfolio to more than $700 million.