Capital Aboveboard 1031 has acquired Summit at Bon Air, a Virginia-based 296-unit multifamily property. No banking agreement were disclosed.
RICHMOND, Va., Oct. 23, 2018 /PRNewswire/ — Capital Aboveboard 1031, a arch absolute acreage advance and administration close specializing in Delaware Statutory Trust (DST) offerings, appear today its accretion of a 296-unit multifamily acreage amid in the Richmond suburb of Bon Air, Virginia. Previously accepted as Axis 147 Apartments, the acreage is actuality rebranded as “Summit at Bon Air.”
“This multifamily association is well-located in the region’s best crawling county, Chesterfield County, and is calmly anchored a the heavily-traveled Midlothian Turnpike and Huguenot Road, aloof 20 account from city Richmond,” said Louis Rogers, architect and arch controlling administrator of Capital Aboveboard 1031. “The acreage was purchased for a Delaware Statutory Trust offering, primarily for Section 1031 barter investors. Capital Aboveboard is bullish on multifamily communities such as this with able control and aberrant rental growth. Capital Aboveboard is admiring to add this acreage to our portfolio of 67 backdrop and accommodate this advance befalling to our growing cardinal of investors beyond the nation.”
Located at 1701 Irondale Road, Summit at Bon Air is comprised of 37 residential barrio and a clubhouse. The association includes one-, two- and three-bedroom floorplans alignment in admeasurement from 872 aboveboard anxiety to 1,321 aboveboard feet. Association amenities accommodate a business center, dog park, clubhouse, pond pool, fettle center, amphitheater and 550 parking spaces.
Situated on 27.09 acreage of land, the association was originally complete in 1974 and was essentially adapted from 2015 to 2017.
Whitson Huffman, carnality admiral of acquisitions, said “Summit at Bon Air allowances from its aberrant adjacency to arch retail destinations and admission to application centers beyond the Richmond region. The property’s acceptable assemblage sizes and autogenous improvements, accompanying with the contempo architecture of a new clubhouse, leasing and fettle center, accomplish it angle out about to commensurable backdrop in the breadth and position it able-bodied for approaching advance as we abide autogenous assemblage renovations.”
Since inception, Capital Aboveboard 1031 has sponsored 50 DSTs and has completed about $815 actor in transaction volume.
About Capital Aboveboard 1031Capital Aboveboard 1031 is a civic absolute acreage advance and administration company. The close sponsors absolute acreage barter programs that authorize for tax cessation beneath Section 1031 of the Internal Revenue Code. Capital Aboveboard uses the Delaware Statutory Trust (DST) anatomy to accomplish affection absolute acreage accessible to a beyond cardinal of investors. Capital Aboveboard provides a ambit of services, including due diligence, acquisition, accommodation sourcing, acreage management/asset management, and disposition, for a growing cardinal of aerial net account investors, clandestine disinterestedness firms, ancestors offices and institutional investors. Since inception, the close has sponsored 50 DSTs and has completed about $815 actor in transaction volume. In August 2018, Capital Aboveboard ranked 1,613th on the Inc. 5000 account of fastest growing companies, with 288 percent three-year growth. In 2016, Capital Aboveboard was ranked as the additional fastest growing aggregation in the Richmond, Virginia breadth by Richmond BizSense. To apprentice more, appointment www.CapitalSquare1031.com.
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