February 12, 2019
Capital Square 1031, a real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, has acquired Bellemeade Farms Apartments, a 316-unit multifamily property located in Leesburg, Va.
“This multifamily community, which was purchased for a Delaware statutory trust offering, primarily for Section 1031 exchange investors, is well located in Loudoun County, the wealthiest county in America, according to Forbes magazine,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Capital Square is bullish on well-located multifamily communities such as this that boast ideal demographics, high occupancy and exceptional historical rent growth. We are pleased to add Bellemeade Farms Apartments to our growing portfolio and to provide this exciting opportunity to our investors. This is Capital Square’s largest offering, with a new milestone realized of over $1 billion of real estate sponsored for DST programs.”
Located at 775 Gateway Drive South East, Bellemeade Farms is comprised of 12 residential buildings and a clubhouse with a leasing office. The community includes efficiently designed one- and two- bedroom floorplans ranging in size from 583 square feet to 954 square feet. Community amenities include a resort-style pool, newly-renovated outdoor grilling and entertaining area, resident lounge, club room, dog park and spa, tennis courts, 24-hour fitness center with cardio studio, and garden plots available to rent.
“Bellemeade Farms fits well with Capital Square’s multifamily investment strategy of purchasing well-located and maintained assets that offer value-add upside through interior unit and common area renovations,” said Whitson Huffman, vice president of acquisitions. “The property benefits from its proximity to historic downtown Leesburg, over 14 million square feet of retail, and employment centers, including the Dulles Tech Corridor and Reston. In addition, the regional tailwinds created by the Silver Line Metrorail extension and Amazon HQ2 support our long-term view of continued growth in Northern Virginia.”
According to Huffman, the D.C. market is primed for success. Global Cities Talent Competitiveness Index (GCTCI) released a statement last week announcing that Washington, D.C., was ranked number one in the world for talent competitiveness, and as being a hub for entrepreneurial talent: “Washington, D.C., has been crowned as the city that’s leading the way in talent competitiveness, thanks to its ability to attract and nurture entrepreneurs, whilst meeting the needs of being a strongly-connected, ‘global’ city. Its steady economy, dynamic population, outstanding infrastructure and connectivity, highly-skilled workforce, and world-class education are all characteristics which contribute to making the city such a talent hub.”
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