May 1, 2019
Henrico County-based Capital Square 1031 has acquired the 294-unit Hickory Creek Apartments in Henrico for $45.6 million.
The company bought the apartment community from McCann Realty Partners and Artemis Real Estate Partners.
“Hickory Creek Apartments is well located near Capital Square’s headquarters and benefits from its proximity to extensive employment, retail and recreation options,” Louis Rogers, Capital Square 1031 founder and CEO, said in a statement.
The apartment community is located at 2344 Hickory Creek Drive, off Tuckernuck Drive, and is comprised of 19 residential buildings and a clubhouse on 20.4 acres. Built in 1984, the previous owner invested $2 million in capital improvements since 2016.
The Colliers International East Region Multifamily Advisory Group represented seller McCann Realty Partners and Artemis Real Estate Partners in the sale. The previous owners had purchased the apartments in 2016 for $28.5 million.
“Hickory Creek received overwhelming interest from the marketplace,” said Will Mathews, managing director of the East Region Multifamily Advisory Group for Colliers International.
Capital Square 1031 is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code.
The sale of Hickory Creek comes as other large apartment communities in western Henrico have been sold recently.
In October, for instance, the 192-unit Copper Mill Apartments was sold to a California-based real estate investment firm for $33 million. That complex is off West Broad Street about a quarter-mile west of Tuckernuck Drive.
The Flats at West Broad Village complex in the West Broad Village development was sold in late February to an Atlanta-based company for $75.5 million.
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