Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced today its acquisition of Mayton Transfer Lofts, a 223-unit historic multifamily community located in Old Towne Petersburg, just south of Richmond, Virginia. The acquisition brings the company's portfolio of real estate assets under management to approximately $710 million, based on investment cost.
"Mayton Transfer Lofts has excellent walkability to numerous amenities, a high occupancy rate, is just 25 minutes south of Richmond, and has convenient access to central Virginia via three major freeways," said Louis Rogers, founder and chief executive officer of Capital Square 1031. "Each of these attractive qualities contribute to the exceptional performance of the property and make it a strong addition to our nationwide property portfolio, which has grown to more than $700 million in just five years. Being a unique, historic property near our headquarters is the icing on the cake."
Located at 250-316 East Bank St., Mayton Transfer Lofts was constructed in 1911 and was formerly used as a warehouse and moving and storage facility. Then, in 2008 and 2012, the property was transformed through a unique, historic renovation into a Class A apartment community featuring historic elements from its original construction, including exposed brick, hardwood and concrete floors, high ceilings and original beams.
Situated on 4.66 acres, Mayton Transfer Lofts is comprised of 16 studio apartments, 152 one-bedroom, one-bathroom apartments, 46 two-bedroom, one-bathroom apartments, 4 two-bedroom, two-bathroom apartments, and 5 two-story townhouse units. The property is approximately 97 percent occupied. Community amenities include 299 gated, off-street parking spaces, controlled access, stacked washer and dryers in every unit and resident memberships at the adjacent YMCA, which is undergoing a major renovation.
Rogers added, "Mayton Transfer Lofts is located in Old Towne Petersburg, a short walk to the local coffee shop, restaurants, bakery, brewery, newly-renovated YMCA, and the Appomattox River. Dave McCormack, the developer, did an excellent job of creating a superb apartment community that retains its historic foundation, with a high level of amenities that are so popular with millennial and other residents. McCormack and his team at Plum Street Partners have done such an excellent job that they are being retained to manage the property for Capital Square. Also, we appreciate the hard work of Tom Rosman, director of commercial brokerage at One South Commercial, in helping to make this dream a reality for Capital Square and a number of fortunate 1031 exchange investors. Finally, we appreciate the hard work of Alexandra Huffman, AVP, real estate finance, with Walker & Dunlop for providing the acquisition loan with Fannie Mae. The underwriting and closing process could not have been more efficient."
Centrally located in the heart of Old Towne Petersburg, Mayton Transfer Lofts is in close proximity to Interstate 95 with direct access to Interstates 85 and State Route 301. The property is approximately two miles from Fort Lee and 25 minutes south of Richmond, the capital of the Commonwealth of Virginia. Recently ranked among the "Top Public Schools" in the nation by U.S. News & World Report,Virginia State University is a six-minute drive from the community.
Old Towne Petersburg, Virginia, is an independent city that was incorporated by the Virginia General Assembly in 1748. Today, Old Towne Petersburg is a historically rich city that includes antique galleries, boutiques, craft shops, restaurants, cafes and a mix of renovated residences.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of June 19, 2018, the firm oversees a growing national portfolio of 68 real estate assets valued at approximately $710 million (based on investment cost). In August 2017, Capital Square ranked 485th on the Inc. 5000 list of fastest growing companies, making it the top-ranking Richmond, Virginia-area company, with 925 percent three-year growth. In 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense. To learn more, visit www.CapitalSquare1031.com.
