Capital Square, a developer of multifamily communities, has bought Tapestry West, a 262-unit apartment community in Richmond, Va.
The community was acquired on behalf of CS1031 Tapestry West Apartments DST (Delaware statutory trust), which aims to raise $60.7 million in equity from investors. The property is located close to midtown Richmond and the neighborhood of Scott’s Addition.
“Capital Square is bullish on the Richmond market. The local economy is well known for its strength and stability,” says Louis Rogers, founder and co-chief executive officer of Capital Square. “This is Capital Square’s thirteenth acquisition of a multifamily community in the Richmond MSA. This is our home court. We aim to own the home court by acquiring best-in-class apartment communities.”