Ownership of an apartment complex in the West Broad Village development in western Henrico County has changed hands again after 2½ years.
This time Capital Square 1031, a Henrico-based real estate investment and management company, acquired The Flats at West Broad Village apartment community for $111 million, the company said.
The sale was one of the largest-ever for an apartment complex in the Richmond area.
Capital Square bought the 339-unit apartment community from an entity tied to Pollack Shores Real Estate Group LLC. Atlanta-based Pollack Shores, now rebranded as RangeWater Real Estate, bought the complex for $75.5 million in late 2019.
Before that, Chicago-based ShopCore Properties, a real estate investment trust, had acquired the property for $85.86 million in October 2012.
The apartment complex at 3930 Wild Goose Lane at Old Brick Road was assessed for $73.196 million, according to online county property records.
The complex, which opened in 2009, offers 28 various floor plans for one-, two- and three-bedroom apartment units. It features about 9,000 square feet of amenity space, including a fitness center, a resort pool with sundeck and cabanas, and a billiards room.
The Flats at West Broad Village is on 4.86 acres and the complex is within walking distance of about 380,000 square feet of retail and restaurant space in West Broad Village, including anchor tenants Whole Foods, HomeGoods and REI.
The location within the Richmond region and its proximity to retail and restaurants in West Broad Village were why Capital Square bought the apartment complex, the company said.
The Capital Square acquisition was made on behalf of a Delaware statutory trust investment offering that seeks to raise $73.1 million in equity from accredited investors.
Since its founding in 2012, Capital Square has acquired 140 real estate assets for over 3,500 investors.
In the Richmond region, Capital Square has bought several apartment communities including Sapphire at Centerpointe in Chesterfield County, the Canopy at Ginter Park apartment complex in North Richmond and the 2000 West Creek apartments complex in Goochland County.
Capital Square has three apartment buildings in Scott’s Addition under construction for a total of 212 units.
The company also has a 350-unit apartment community under construction in Scott’s Addition that it is developing with Greystar Real Estate Partners. It also has another property under contract in that neighborhood to turn into 350 apartments.
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