February 25, 2019
Capital Square 1031 has acquired Bellemeade Farms, a multifamily community in Leesburg, Va. Bainbridge Cos. sold the property for $69.8 million, according to Yardi Matrix. Walker & Dunlop Inc. arranged $45.3 million in financing for the purchase.
Walker & Dunlop’s Alexandra Huffman and Andrew Tapley led the team which originated a rate-locked 10-year, fixed-rate loan. The team also assisted in structuring Capital Square 1031’s debt to accommodate the intricacies of the Delaware Statutory Trust structure, which allows companies to buy interest in asset in a tax-deferred exchange under Section 1031 of the Internal Revenue Code.
Located at 775 Gateway Drive SE, the 15.7-acre community offers 316 one- and two-bedroom units ranging from 486 to 1,010 square feet. Bellemeade Farms comprises 12 two- and three-story buildings, with a 93.4 percent occupancy as of January, according to Yardi Matrix. Apartment features include fully equipped kitchens, full-sized washer/dryer, wood burning fireplaces, hardwood-style floors, large closets, patio/balconies, vaulted ceilings, ceiling fans, and central air and heat. Residents have access to amenities such as a 24-hour athletic center, grilling and outdoor dining areas, tennis courts, resort-style pool with surrounding sun deck, dog spa, fenced bark park and community garden.
Last month, Capital Square 1031 purchased Woodshire Apartments in Virginia Beach, Va. The 288-unit community was also previously owned by Bainbridge Cos.
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