Capital Square has successfully sold Summit at Bon Air Apartments, a 296-unit multifamily community in the sought-after Richmond suburb of Bon Air, VA. The property was owned by a group of investors who participated in a Capital Square-sponsored Delaware statutory trust (DST) and achieved an impressive total return of 156.19%, equivalent to an annualized return of 10.05%, through their 1031 exchange investment.
According to Louis Rogers, founder and co-CEO of Capital Square, the company once again exceeded expectations despite challenging market conditions. He credited this success to the expertise and diligence displayed by Capital Square’s team throughout the acquisition, financing, and management processes for Summit at Bon Air Apartments. This marks Capital Square’s twenty-seventh DST offering that has reached full-cycle status with an average total return rate of 170.24%.
Nestled on over 27 acres of land, Summit at Bon Air Apartments is situated at 1701 Irondale Rd., featuring a collection residential buildings totaling up to thirty-seven units altogether. These include spacious one-, two-, and three-bedroom floorplans ranging from approximately872 square feetto1312 square feetin size.
The post announcing this accomplishment highlights how successful real estate investments can be made possible with expert guidance from experienced professionals like those on our team here at Connect CRE.
