Capital Square 1031 acquires Powhatan apartments
Artistry at Winterfield is 77% leased
Henrico-based Capital Square 1031 purchased the Artistry at Winterfield, a 200-unit apartment community in Powhatan County, just over the Chesterfield County line in Midlothian, the company announced Dec. 23.
The acquisition was on behalf of CS1031 Artistry at Winterfield Apartments DST, which is raising $35.2 million in equity from accredited investors. The purchase price was not disclosed.
The one-, two- and three-bedroom apartments are located at 1000 Artistry Drive. Rents average $1,450 for 759-square-foot, one-bedroom units and $1,980 for 1,178-square-foot, two-bedroom units.
Powhatan County property records show the property, 8.8 acres, was assessed at $24.29 million.
As of mid-December, the property was 77% leased and is in the process of initial leasing.