September 26, 2018
Axis 147 sells for $40M
Axis 147 is located between Huguenot Village Shopping Center and Chesterfield Towne Center. (Courtesy of Colliers)
The day before the Rivermont sale, a local buyer on the other side of 1031 exchanges added to its portfolio of investment properties with the purchase of the Axis 147 apartments for $39.5 million. The 296-unit complex is located behind Huguenot Village Shopping Center near Chesterfield Towne Center.
The buyer was Capital Square 1031, a Glen Allen-based firm that purchases commercial and multifamily real estate and sells ownership shares in each property to pools of investors through 1031 exchanges.
The seller was Huguenot Associates LLC, a partnership between Dallas-based Lincoln Property Co. and Arlington-based Ritz Banc Group. They were represented in the transaction by Colliers International agents Will Mathews, Carter Wood, Jason Hetherington and Bruce Milam.
Louis Rogers, CEO of Capital Square 1031, said Axis 147 was attractive to the company for its location in its home market and recent upgrades, with $3.6 million invested since 2015 in a new clubhouse and other improvements to the property, which was built in the 1970s.
Recent upgrades to Axis 147 included a new clubhouse. (Courtesy of Colliers)
“The seller spent a lot of money making it nearly perfect, and it’s surrounded by some of the best retail and some very wealthy neighborhoods,” Rogers said, adding that Axis 147 adds to 70 other properties in the company’s portfolio across the country.
Capital Square’s recent purchases have included the Mayton Transfer Lofts in Petersburg, while the company, in acquisition mode up to that point, unloaded its first property in August with the sale of an apartment complex in Tampa, Florida.
The company plans to rename Axis 147 as the Summit at Bon Air and will renovate some unit interiors. It is keeping on BH Management Services to manage the property. The property was 96 percent occupied and more than 97 percent leased at closing.
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