VIRGINIA BEACH, VA – Capital Square 1031, a leading real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, announced its acquisition of Woodshire Apartments, a 288-unit multifamily property located in Virginia Beach, Virginia.

“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,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Similar to Capital Square’s previous acquisitions, the property was bought for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors. We are pleased to add this property to our portfolio of 73 properties and to provide this investment opportunity to our growing number of investors across the nation.” 

Located at 149 South Budding Ave., Woodshire Apartments is comprised of 20 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 900 square feet to 1,300 square feet. Situated on 19.1 acres of land, the community was originally constructed in 1975 and was substantially renovated from 2017 to 2018.

Whitson Huffman, vice president of acquisitions, said “Woodshire Apartments is uniquely positioned within one mile of Town Center of Virginia Beach and Pembroke Mall, which have more than 800,000 square feet of retail space and affords residents unmatched access to retail amenities. In addition, Capital Square 1031 will continue its proven value-add strategy to enhance cash flow and investment value for investors.”

Since inception, Capital Square 1031 has sponsored 53 DSTs and has completed approximately $955 million in transaction volume.

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FANTASTIC MILLS, MD – CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought Villas at Greenview West and Park Villas, two affordable apartment communities in St. Mary’s County. 

The Maryland-based communities are situated within 3.4 miles of each other, just east of St. Mary’s River State Park, and offer a combined 304 apartment homes. Villas at Greenview West, in Fantastic Mills, consists of 160 two- and three-bedroom homes. Park Villas, in nearby Lexington Park, features 144 one- and two-bedroom units. CAPREIT, which made the acquisitions in conjunction with Enterprise Capital, will renovate each community. 

“The California-Lexington submarket is very steady, and we’re excited to join the area and start making a difference in the push for quality affordable housing,” said Ernie Heymann, chief investment officer for CAPREIT. “We believe our upgrade measures will significantly improve these communities, and the submarket will undoubtedly benefit from an increase to the 2019 federal military budget, which will drive job growth and, subsequently, housing demand.”

The nearby Patuxent River Naval Air Station and the area’s pronounced government presence play large roles in the local economy, which features a median household income of $87,000 per year. A lack of supply of quality affordable housing is one of the area’s primary challenges, and CAPREIT is keenly focused on addressing the issue.  

The renovation efforts at Villas at Greenview West and Park Villas will consist of upgrades to the amenity spaces and the addition of several in-home features, including stainless-steel appliances, hard-surface countertops, wood-plank flooring in common areas, new carpeting in bedrooms and energy-efficient lighting. 

Situated at 45660 Jillian Court, Villas at Greenview West’s existing community amenities include a clubhouse, fitness center, swimming pool and dog park. Located a seven-minute drive south at 21295 Mayfaire Lane, Park Villas common-area spaces include a clubhouse, fitness center, business center, fire pit and grilling area. 

St. Mary’s River State Park is among the area’s key attractions and consists of two sites. One houses 250-acre St. Mary’s Lake, home to a bevy of outdoor recreational activities, and the other includes 2,200 largely undeveloped acres.

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NASHVILLE, TN – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Novel Bellevue in Nashville, TN. Kelsey Durels, Associate of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Novel Bellevue consists of one-, two-, and three-bedroom homes ranging from 611 SF to 1,478 SF, with an average unit size of 1,020 SF.  Unit interiors feature granite countertops, stainless steel appliances, gray or white cabinetry, subway tile backsplash, hardwood-style flooring throughout living and wet areas, full size washer/dryers, and 9′ ceilings. Community amenities include a clubhouse, resort-style pool, 2-tale fitness center with spin bike studio, outdoor kitchen with pizza oven and grills, fire pit, and dog park.

“We believe Novel Bellevue’s profile is consistent with our investment strategy of targeting quality multifamily assets in growth markets with connectivity to major employment and lifestyle drivers,” said Ms. Durels. “Nashville has ranked among the strongest markets for job and population growth over the last five years, and is projected to continue to show strong growth during our projected hold.”

The Property sits within the recently opened One Bellevue Place Lifestyle Center which offers residents 1M SF of walkable retail, dining, and entertainment venues. One Bellevue Place will also house the future site for the Nashville Predators Sports Center, a new skating facility that will include two indoor ice rinks.  Novel’s dynamic location within the Bellevue submarket at the intersection of Highway 70 and Interstate 40 provides access to three of Nashville’s largest business districts. West End (155k+ jobs), Downtown Nashville (97k+ jobs), and Brentwood (56k+ jobs) are all within a 20-minute drive of the Property. 

The Nashville MSA is a market with a diversified economy that is consistently drawing top employers and corporate relocations. According to the Census Bureau, the Nashville MSA grew by 106 people per day in 2017, 10th highest among 53 metro areas with a population of 1 million or more. This growth is fueled in part by recent corporate relocations and expansions, including AllianceBernstein (1,050 jobs), Community Health Systems (2,000 jobs), and Hankook (1,100 jobs). Amazon also recently selected Nashville for a new Center of Excellence for its Operations business, which is responsible for the company’s customer fulfillment, transportation, supply chain, and other similar activities. The center will make more than 5,000 jobs.

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