Henrico-based company buys The Canopy at Ginter Park apartments for $83.75 million; also buys property in Scott’s Addition for 350-unit complex

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Henrico-based company buys The Canopy at Ginter Park apartments for $83.75 million; also buys property in Scott’s Addition for 350-unit complex

January 5, 2021

A real estate investment and management company based in Henrico County is making significant investments in apartment communities in the Richmond region.

Capital Square 1031 acquired The Canopy at Ginter Park apartment complex at Westwood Avenue and Brook Road in North Richmond on Dec. 30. It paid $83.75 million for the 301-unit apartment complex.

Also in December, an entity tied to Capital Square and Greystar Real Estate Partners LLC bought a 2.28-acre property in Scott’s Addition for $8.6 million. Plans call for a 350-unit apartment complex to take up most of a city block bounded by Roseneath Road, Mactavish Avenue and West Moore and Norfolk streets.

“We have been very active in Richmond and we will continue to be,” said Whitson A. Huffman, Capital Square’s chief investment officer.

Capital Square bought the 15-acre The Canopy at Ginter Park complex from Bristol Development Group, the Nashville, Tenn.-based developer of the project.

The first residents began moving into the complex in mid-2019.

The development has 112 one-bedroom units, 186 two-bedroom units and three three-bedroom units. The units range from 629 square feet to 1,623 square feet. It has 17 floor plans including 53 apartments that have garages attached. Communitywide amenities include a clubhouse with a resort-style saltwater pool.

The project was first announced in April 2015 when Union Presbyterian Seminary, which owned the land, approved a plan to develop the property. The seminary decided to work with Bristol Development on the project.

But nearby property owners greeted the project with staunch opposition, including a lawsuit to try to stop it.

Bristol Development also developed the 2000 West Creek apartments, a 375-unit complex in the West Creek office park in Goochland County that opened in 2018. That complex also was sold to Capital Square 1031 for $103 million in October 2019.

The six-story apartment building planned for Scott’s Addition would be across Roseneath Road from The Dairy Bar restaurant and across Moore Street from Väsen Brewing Co. and Stella’s Grocery gourmet market.

Plans for the unnamed project also call for 15,000 square feet of street-level retail space along with 380 parking spaces.

The project is being developed by Capital Square along with Greystar Real Estate Partners of Charleston, S.C., which invests, develops and manages rental housing across the world.

Demolition of the existing buildings on property should begin later this month or early February, Huffman said.

The project should be completed in late 2022 or early 2023, he said.

Capital Square also is developing three apartment buildings elsewhere in Scott’s Addition for a total of 212 units.

Scott’s Collection I, a five-story building with 80 apartments, is under construction at the corner of West Clay Street and Altamont Avenue. That building should be completed in early 2022.

At 2900-2904 W. Clay St. near Sheppard Street, Capital Square plans to build Scott’s Collection II, a five-story building with 60 apartments. Demolition is underway on that project.

A third building, Scott’s Collection III with 72 units, is planned for West Leigh Street and Altamont Avenue, essentially behind the Scott’s Collection I property. Construction should begin in March.

The development costs for Scott’s Collection I, Scott’s Collection II and Scott’s Collection III  as well as for 350-unit building planned on Roseneath Road is about $139 million, Huffman said.

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