January 14, 2019
Capital Square 1031 has purchased Woodshire Apartments, a 288-unit community in Virginia Beach, Va. Yardi Matrix identified The Bainbridge Cos., which is currently co-developing a Class A community in Florida, as the seller.
The 20-building property encompasses 96 one-, 152 two- and 40 three-bedroom units sized between 900 and 1,300 square feet. Woodshire Apartments was completed in 1975 and underwent renovations between 2017 and 2018. Community amenities include:
– storage space
– swimming pool and sundeck
– fitness center
– dog park
– children’s playground
– on-site management
– online rent payments
– planned resident social activities
Located on 19.1 acres at 149 S. Budding Ave., the asset is one mile away from Town Center of Virginia Beach and the 800,000-square-foot Pembroke Mall, while the beach is 3 miles away. Various retailers, restaurants, parks and entertainment options are all located nearby. Additionally, major thoroughfares such as interstates 264 and 64 provide easy transportation throughout the entire area.
“Woodshire Apartments is strategically located near the major employment centers of Virginia Beach and is just minutes away from the Port of Virginia, which generates an estimated $17.5 billion in annual income. The Port, along with the military presence in the area, provides exceptional stability to the regional economy,” Capital Square 1031 Founder & CEO Louis Rogers said in a prepared statement. “Similar to Capital Square’s previous acquisitions, the property was purchased for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors.”