Glen Allen firm buys Virginia Beach apartment complex for $48.6 million
Glen Allen-based real estate investment firm Capital Square 1031 has purchased a Virginia Beach apartment community for $48.6 million from The Runnymede Corp., a commercial real estate development and management firm in Virginia Beach.
The Aug. 22 sale of Saltmeadow Bay, a 229-unit development on 24 wooded acres a mile from the ocean, was handled by Colliers International Mid-Atlantic Multifamily Advisory Group.
“Located less than one mile from the Virginia Beach boardwalk and less than 20 minutes from the largest naval station in the world, Saltmeadow Bay Apartments is an exceptional multifamily community that benefits from outstanding demographics,” said Louis Rogers, founder and chief executive officer of Capital Square 1031, in a press release. “There is also a significant opportunity to improve operations at this high-end property and enhance value through active management.”
Built in 2006, Saltmeadow Bay is a group of four four-story buildings with one-, two- and three-bedroom apartments featuring granite countertops, walk-in closets, washer/dryers and fireplaces. The property also has a dog park, clubhouse, swimming pool and 24-hour fitness center and is within a three-mile radius of 4.1 million square feet of retail businesses, including a Whole Foods grocery store and The Shops at Hilltop, as well as the renovated Cavalier Hotel and the Virginia Beach Museum of Fine Art.
“Saltmeadow Bay was considered a highly prized, core asset for us,” Don Frederick, vice president and CEO of The Runnymede Corporation, said in a statement. “TWe had owned the land for this site since the 1940s and it truly cannot be replicated. The Colliers team convinced our ownership that the market was right for this transaction and worked with our management and staff along every step in the process. We are deeply grateful for their professionalism and assistance closing this deal.”
Named one of the Virginia Chamber of Commerce’s Fantastic 50 businesses in 2019, Capital Square 1031 has purchased more than $1.5 billion in tax-advantaged real estate offerings. The firm announced in a press release that it seeks to raise up to $24 million in total equity for Saltmeadow Bay from accredited investors. The property was financed with a Fannie Mae acquisition loan with a 3.49% fixed rate for 10 years.