RICHMOND, VA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a Class A, 339-unit multifamily community in Glen Allen, Virginia, a suburb of Richmond, near the firm’s headquarters. The community was bought on behalf of CS1031 Flats at West Broad Village Apartments, DST, a Reg. D private placement investment offering.
“Located in West Broad Village, Flats at West Broad is part of a unique lifestyle community that includes approximately 380,000 square feet of retail space, including Whole Foods, REI, Target and Home Goods,” said Louis Rogers, founder and chief executive officer of Capital Square. “The community is located near Innsbrook Office Park, a more than six-million-square-foot office park with numerous major employers, including Capital One, Bon Secours Health System, Dominion Virginia Power and the corporate headquarters of Markel and Capital Square. Unique to Richmond, residents have the opportunity to live, work and play in the neighborhood and have brilliant access to U.S. Route 250 and Interstate 64.”
Located at 3930 Wild Goose Lane, Flats at West Broad Village is situated on approximately 4.86 acres of land and is within walking distance of approximately 380,000 square feet of retail space. The community features approximately 9,000 square feet of amenity space, including a state-of-the-art fitness center, a package locker room, co-working areas, a coffee bar, a lounge as well as numerous restaurants and a hotel. Additional amenities include catering space, meeting rooms, a resort pool with sundeck and cabanas, a grilling station with a covered lounge area, a billiards room with outside firepits and a movie theater with stadium seating.
“The Greater Richmond area is a strong performer, with exceptional employment growth, reasonable cost of living and the highest multifamily rent growth in the nation, according to Yardi Matrix,” said Whitson Huffman, chief strategy and investment officer. “Being the state’s capital and home to many colleges and universities, a large medical complex, and seven Fortune 500 companies, the Richmond area is extremely stable.”

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SAVANNAH, GA – DXE Properties, Acuity Partners, and JSR Development announced the acquisition of Jasmine Place Apartments in Savannah, GA. This is the second acquisition the group has place together in Georgia within the past twelve months. Jasmine Place Apartments, located just north of Whitemarsh Island, is a 112-unit value add property built in 1979.
Donato Settanni, DXE Properties, said, “The market for well located multifamily property in the South East is extremely competitive right now. We were able to secure this property off-market through strong local relationships. Savannah is a market that continues to grow in many directions, including their major port operation, manufacturing and tourism. We are long term believers in this market and excited to take on this asset.”
The property will be rebranded to The Retreat Savannah and will receive over $2.5 million in property renovations to drive a robust value-add strategy.
Joshua Gelb, JSR Development, said, “We are excited to once again partner with the teams at DXE Properties and Acuity Partners to add this attractive and well located property to our growing Southeast portfolio and to expand to the Savannah market.”
DXE Properties, in conjunction with Acuity Partners and JSR Development, have invested nearly $5 million in equity into the deal. Scott Kurland, President of Acuity Partners said, “We are pleased to be partnering with DXE on the acquisition of this attractive asset.”
The transaction was brokered by the Cushman and Wakefield team of: Nelson Abels, Austin Weathington, Taylor Birdand Jaime Slocumb.

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CHARLOTTE, NC – FCP and The Community Builders (TCB) announced the formation of a joint venture for the adaptive reuse redevelopment of the historic Johnston Mill property in the NoDa neighborhood of Charlotte, NC. The $50 million project will include the new development of 419 and 423 E. 36th Street and the adaptive reuse redevelopment of 3315 N. Davidson Street (the former Johnston Mill).
The project will transform the venerable 100+ year ancient 3315 building and the adjacent parcels into 235 apartment units under a new name, NoDa Wandry. 84 apartment units will be located in 3315 N. Davidson while the remaining 151 apartment units will be constructed in the new 423 E. 36th Street building. Noda Wandry will also include 2,800 square feet of retail, a leasing center, and co-working amenity space in the 419 E. 36th Street building. FCP provided $18 million in mezzanine financing for Noda Wandry, arranged for the senior financing with Bank of America and brought in a state and federal historic tax credit investor, also Bank of America.
“FCP is excited to work with TCB, who has been a longstanding member of the NoDa community, delivering needed quality housing and recovering vital historic properties as part of their work,” said FCP’s Ross Magette. “Working with Juan and his team at TCB, FCP lined up the financing and completed a highly complex capital stack to fulfill the needs of our partner.”
“TCB is equally excited about the opportunity to complete the work started at this transit-oriented site in NoDa. Combined with 47 affordable units contained in the previously restored Mecklenburg Mill, we have been successful in moving toward a truly mixed income community,” said TCB Regional Vice President for Development, Juan Powell. “We appreciate the opportunity to work with a partner such as the FCP team – one that brings tremendous development skills, financial resources, and the grit to tackle tough projects. We look forward to expanding our services to the Charlotte community by providing more first-class affordable and mixed income housing in the future.”
Construction on NoDa Wandry started in March 2021 and is expected to be complete in spring 2023. The community will include 80 studios, 97 one-bedroom apartments, 51 two-bedroom apartments and 7 three-bedroom apartments. TCB initially bought the Johnston Mill buildings in 2011 from the City of Charlotte.
The adaptive reuse redevelopment of 3315 N. Davidson Street will feature large historic windows with exposed brick. A number of units will have exposed historic wood ceilings with wood beams and all units will feature new floors. Exposed brick and beam architecture will provide architectural interest and authenticity in the clubroom, gym and art production center. A current boiler room will be repurposed into an outdoor lounge with a rooftop patio overlooking a pool area.
419 E. 36th Street will be a fully ground up new apartment building with 151 units. A transit lounge will be included in the building, providing a connection directly onto the ramp leading to the 36th Street Station on the LYNX blue light rail line.
423 E. 36th Street will be developed as a two-tale ground-up building that will house the leasing center for the property, 2,800 square feet of retail, a co-working area, and a rooftop patio overlooking 36th Street and providing a visual connection to the N. Davidson/36th Street intersection, with a lively view of the neighborhood’s multiple restaurants, bars, shops, and music venues.
The project team includes BB+M Architecture (architect), LandDesign (civil engineer), Samet Corporation (general contractor) and Trinity Partners (construction management services).

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