Capital Square Pays $80.5Mln for Va. Apartment Complex

August 12, 2019

Capital Square 1031 has paid $80.5 million, or $196,822/unit, for the 409-unit Misty Ridge apartment complex in Woodbridge, Va., just north of Quantico, Va.

The Richmond, Va., investment manager, which typically syndicates its investments to investors seeking to complete tax-deferred exchanges through Delaware Statutory Trusts, bought the property from Castle Lanterra of Suffern, N.Y., which was represented by Transwestern Commercial Services.

Castle Lanterra had acquired the property in 2013 for $61.5 million and since then has invested nearly $5 million in upgrades to all but 144 units.