Capital Square 1031 and Kay Properties buy apartments in Richmond
Capital Square 1031 and Kay Properties & Investments have acquired Maple Springs Apartments, a 268-unit apartment community in Richmond, for an undisclosed price.
Maple Springs includes 23 two-story residential buildings and a clubhouse on 18.5 acres of land. Located at 5624 Maple Run Lane in the city’s West End, the community offers a mix of studio, one-, and two-bedroom units.
According to Richmond-based Capital Square, a real estate and investment management firm, the property was about 95 percent occupied at the time of acquisition.
“Prior to Capital Square and Kay’s combined acquisition of Maple Springs Apartments, the seller completed extensive common area and interior apartment upgrades which have positioned the property as a high-quality apartment community,” Seth Harris, executive vice president and head of acquisitions at Capital Square 1031, said in a statement.
Maple Springs’ amenities include a clubhouse, fitness center, lounge, coffee bar and tanning salon.
The multifamily community is part of a Delaware statutory trust (DST) offering. “We are excited to partner with Capital Square on another joint venture DST offering,” said Dwight Kay, founder and CEO of Kay Properties & Investments, which is based in Los Angeles.