Capital Square buys Chesterfield apartment complex for $86M

Henrico County-based Capital Square 1031 purchased the Livingston Apartment Flats in Chesterfield County from Cosby Village Residences LLC for $86 million earlier this month.

Whitson Huffman, Capital Square’s chief strategy and investment officer, noted that Chesterfield’s population grew 11% between 2010 and 2019 and is projected to grow another 12% by 2030, making the area attractive to the company. “As the population grows, the need for housing supply to expand grows as well,” Huffman said.

Part of the 68-acre mixed-use Cosby Village 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 attracted to the building because of its high-quality construction but also liked the “really strong unit interiors” and amenities, which include a 24-hour fitness center, cross training, a yoga studio, bike repair shop, saltwater pool, pet washing station, outdoor fire pit and private offices.

It’s already 100% leased, he said. According to a release from the company, Capital Square hopes to raise $44.5 million in equity from investors who put in at least $50,000.

Capital Square owns several apartment complexes around the country, including many in Virginia. It specializes in tax-advantaged real estate investments, including Delaware statutory trusts. Since its founding in 2012, the company has structured more than $5 billion in investment offerings.