June 4, 2021
Capital Square Apartment REIT Inc., a Regulation D real estate investment trust, has purchased Sapphire at Centerpointe, a 192-unit multifamily community in the Richmond suburb of Midlothian, Virginia. The purchase price was not disclosed.
According to a filing with the Securities and Exchange Commission, Capital Square Apartment REIT launched in April 2021 and seeks to raise $160 million in investor equity. The minimum investment is $25,000.
“Sapphire at Centerpointe is a highly amenitized, Class A multifamily community,” said Louis Rogers, founder and chief executive officer of Capital Square. “This newly constructed community leased-up and stabilized rapidly, a testament to the quality of the community and the strength of the submarket.”
Sapphire at Centerpointe was constructed in 2020 and includes one-, two- and three-bedroom units, which are currently 97 percent leased. Community amenities include a swimming pool, sundeck, pocket parks and a 24/7 fitness center with cardio and weight training equipment. Additional amenities include electric car charging stations, a video-monitored package room, a fenced dog park and garage parking.
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