Capital Square picks up new CenterPointe apartment complex for $48M

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Capital Square picks up new CenterPointe apartment complex for $48M

June 4, 2021

Nearly four years after its slightly larger neighbor changed hands in a $45 million deal, a recently built apartment complex in Midlothian has sold to a local buyer for a few million more.

Henrico-based Capital Square, through its Capital Square Apartment REIT, purchased the 192-unit Sapphire at CenterPointe on Charter Colony Parkway for $48.3 million. The deal closed May 20, according to the Chesterfield County assessor’s office.

The seller was Robinson Development Group, a Norfolk-based firm that completed the 11-acre complex last year after starting construction in fall 2019.

Robinson is also developed the neighboring Oxygen at CenterPointe, a 255-unit complex that sold in late 2017 for $45.8 million. The buyer in that deal was Preferred Apartment Communities, a REIT based in Atlanta.

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