June 26, 2018
A Henrico County real estate investment and management company has acquired a 223-unit apartment complex in Petersburg.
Capital Square 1031 made the announcement Tuesday; terms were not disclosed. The complex, Mayton Transfer Lofts, is on East Bank Street in Old Towne Petersburg, about 2 miles from Fort Lee.
With the acquisition, Capital Square now manages real estate assets valued at more than $700 million. Louis Rogers, founder and CEO of Capital Square, cited Mayton Transfer Lofts’ walkability to amenities and its high occupancy rate, as well as its proximity to Richmond.
“Each of these attractive qualities contribute to the exceptional performance of the property and make it a strong addition to our nationwide property portfolio,” he said.
The property sits on almost 5 acres and includes studio, one-bedroom and two-bedroom apartments and two-story townhouse units. The loft apartments are in three historic warehouses built more than a century ago, which formerly were used as moving and storage facilities for several industries.
The final phase of construction on the property was completed in 2012, turning Mayton Transfer Lofts into an apartment community.
Rogers praised the developer, Dave McCormack, for creating a community that retains its historic foundation. Rogers said McCormack and his team at Plum Street Partners are being retained to manage the property for Capital Square.
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