Capital Square finalized the sale of Summit at Bon Air Apartments, a 296-unit multifamily community in the Richmond suburb of Bon Air, VA. The property was owned by a group of investors in a Capital Square-sponsored Delaware statutory trust (DST) who realized a 156.19% total return, or a 10.05% annualized return, from their 1031 exchange investment.
“In a challenging environment, Capital Square has exceeded expectations once again,” said Louis Rogers, founder and co-CEO of Capital Square. “Summit at Bon Air Apartments was acquired, financed and managed by Capital Square’s team of experienced real estate professionals. And the property was sold at the optimal time to maximize returns for investors. This DST/1031 program is Capital Square’s 27th DST offering to go full-cycle resulting in an average 170.24% total return.”
Situated on more than 27 acres, Summit at Bon Air Apartments is located at 1701 Irondale Rd. and is comprised of 37 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet.