Capital Square acquires Williamsburg apartments for $70M
Sterling Manor has 207 units
Henrico-based real estate investment firm Capital Square has acquired a 207-unit apartment complex in Williamsburg, the company announced April 12.
Capital Square acquired Sterling Manor, a five-building luxury apartment complex with townhomes and garden-style apartments, from Chaucer Creek Capital for $70 million, a company spokeswoman told Virginia Business. The acquisition is on behalf of CS1031 Sterling Manor DST, which seeks to to raise $42.4 million in equity from accredited investors. The complex is about a mile from the campus of William & Mary and about 2.5 miles from Colonial Williamsburg.
“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 CEO of Capital Square, in a statement. “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.”
Built in 2008, Sterling Manor has 137 renovated units and the buyer intends to renovate the remaining 70 units. The complex has a swimming pool, fitness center, resident lounge, business center, a grilling area, game room, bicycle storage, private balconies, package lockers, surface paring and detached garages.
Capital Square specializes in tax-advantaged real estate investments, including Delaware statutory trusts. Since its founding in 2012, the company has structured more than $5 billion in investment offerings.