WILLIAMSBURG, VA – Capital Square, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a 207-unit, value add multifamily community in Williamsburg, Virginia. The community was bought on behalf of CS1031 Sterling Manor, DST.
“Sterling Manor Apartments in historic Williamsburg, Virginia is an exceptional addition to Capital Square’s growing portfolio of apartment communities in the southeast,” said Louis Rogers, founder and chief executive officer of Capital Square. “An investment in Sterling Manor combines stable cash flow and appreciation with value added from upgrading the original apartment units. Capital Square continues to own the home court as the top apartment buyer in the region.”
Located at 155 Sterling Manor Drive, the five-building luxury apartment property offers townhomes and garden-style apartments with spacious floorplans and best-in-class finishes. The community was constructed in 2008 and features 137 renovated units, and the sponsor intends to renovate the remaining 70 units to capture additional rental income. The property amenities include a swimming pool, fitness center, resident lounge, business center, grilling/BBQ area, game room, bicycle storage, private balconies, package lockers, surface parking, and detached garages.
Sterling Manor is located in a thriving submarket that features average annual household income in excess of $100,000and a strong multifamily occupancy rate of 96.6 percent, according to Claritas. The region is exceptionally strong, with 2,917 apartment units delivered and 3,914 apartment units absorbed during the last 12 months, a vacancy rate of 4.8%, and 12-month asking rent growth of 12.2%. Axiometrics projects average annual rent growth of 12.4 percent in the submarket between 2022 and 2023.
“Sterling Manor is a luxury multifamily investment opportunity for investor seeking upside in a value-add strategy,” said Whitson Huffman, chief strategy and investment officer. “The property features high-end amenities in a high-income market with strong occupancy and growing demand for quality multifamily living.”
Just 1.1 miles from the campus of the historic College of William & Mary, one of the oldest and most storied universities in the United States, and 2.5 miles from Colonial Williamsburg, Sterling Manor resides in a virtual time capsule of American history. Williamsburg’s economy is tourism-based and driven by Colonial Williamsburg, the largest outdoor educational living museum in the country which provides immersive and authentic 18th-century programming for hundreds of thousands of tourists annually, and two theme parks: Busch Gardens Williamsburg and Water Country USA. In 2015, an estimated 2.78 million guests attended Busch Gardens Williamsburg, ranking it twentieth in overall attendance among amusement parks in North America.

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HUNTSVILLE, AL – The Michaels Organization, a national leader in residential real estate, along with its joint venture partners, Albert Reuben Capital, LLC (ARC) and ICV Rep, a Family Office from Santiago, Chile, is set to break ground on its first market-rate multifamily community in Alabama, following a successful financial closing.
Located in the heart of a growing residential area just seven minutes from downtown Huntsville, the new Dean at Chase Creek apartment community will offer a modern, amenity-rich living opportunity for professionals in what’s becoming one of the most rapidly growing tech hubs in the country. The co-developer, ARC, LLC is led by Seth Heller, managing partner of ARC, a real estate private equity and advisory firm based in Miami.
“Michaels is excited to bring this high-quality housing to Huntsville, where our residents can be close to major employment centers, retail, and cultural amenities,” said Michael Flanagan, Executive Vice President of Development at The Michaels Organization.
The $73 million development, to be built on a 17.55-acre site, will feature 336 apartments in three-tale, garden-style walk-up buildings. Amenities will include a clubhouse and resort-style pool with pavilion, grilling areas, electric car charging stations, dog wash and park, upscale fitness and agility rooms, conference rooms and collaboration spaces. Residents will also have the option to rent garages.
Michaels has owned and operated affordable apartment communities in Alabama for more than a decade, but the Dean at Chase Creek will be its first market-rate community and its first in the Huntsville area.
ARC is currently focused on horizontal and vertical land development throughout the southeastern part of the United States with a particular focus on Huntsville, Alabama.
Nicknamed “The Rocket City,” Huntsville is home to NASA’s Marshall Space Flight Center, Redstone Arsenal, state-of-the-art medical facilities, FBI’s HQ2, the Mazda-Toyota Manufacturing U.S.A, and the Cummings Research Park, the second-largest research park in the United States. Major employers are located within one mile from the site, largely concentrated in the 1,700-acre Chase Industrial Park, which has a daytime population of over 4,500 people. Major employers within the park include Johnson Controls, Qualitest, Cinram, and PPG Industries.
Urban Practice is serving as the architects. Michaels Construction will serve as the General Contractor and Michaels Management will serve as the property manager.

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RENO, NV – Horizon Realty Advisors (HRA), a Seattle-based property owner, developer, and operator specializing in conventional multifamily and student housing, has broken ground on its newest multifamily development in Reno: The Edison. Conveniently located just north of downtown and the University of Nevada, The Edison will consist of 232 luxury apartments homes comprised of studios, one, and two-bedroom residences. Leasing will commence in spring 2023 with homes first becoming available for occupancy in fall 2023.
The Edison will feature amenities including a resort-style hot tub, fitness center, multiple fire pits, outdoor grills, community gathering space and study nooks. The community s lobby will feature a resident kitchen and lounge, coffee bar, living wall, and parcel locker system. The building features include garage parking, secured bike storage, ski/snowboard workshop and storage. The University is just a few blocks from the site while downtown Reno is a small walk down Valley Road. With its proximity to the McCarran Loop, a small drive from the Tesla Gigafactory and other major employers, the Edison will be a fantastic option for professionals seeking to be close to university or downtown Reno.
With a heavy focus on sustainability, The Edison will be constructed to LEED Gold standards, achieving amongst the highest environmental certification levels to-date of any apartment community in Reno. There will be a 200kw solar array on the roof, which will offset much of the total energy needs for the building. Electric vehicle charging stations will be plentiful throughout the property with access to charging at over 25% of the property s 213 parking spaces. Residences will feature efficient Energy Star appliances and LED lighting to reduce energy consumption, and low flow plumbing to minimize water usage. Energy-efficient heat pump technology will be utilized for primary heat, air conditioning, and water heating needs. The building will go well beyond code requirements to incorporate energy-efficient envelope and insulation ratings, which reduces hot/cold air leakage and in turn the need to generate new heat or A/C. During the construction phase, local products and materials will be utilized whenever possible to minimize shipping and transportation distances in order to keep lifecycle energy costs as low as possible, limiting the project s overall carbon footprint.
Graydon Manning, HRA s Director of Development, further highlights the merits of the project, The Edison will be the greenest apartment community in Reno. We spent more than sixteen months designing the project and place heavy emphasis on sustainability throughout the process. The project is comprised of studio, one and two-bedroom private residences. Most of the apartment communities around UNR provide ‘pure student options- typically four- and five-bedroom apartments leased by the bedroom. The Edison will be a departure from the norm, serving both students and conventional residents.
Each apartment home will feature stainless steel appliances, quartz countertops, slow-close cabinets, LVT flooring, air conditioning, smart thermostats, walk-in closets, dedicated work-from-home space and valet trash. Garage parking will be available for most apartments in addition to abundant street parking around the site.
The Edison is HRA s first development in Reno, though they own and manage two existing apartment communities- The Republic, located adjacent the Edison, and The Phoenix. HRA currently owns and operates more than 10,000 apartments nationwide, with assets under management valued in excess of $2.5 billion.

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