Capital Square Acquires 350-Unit The Trails at Short Pump Apartment Community Located in Affluent Suburban Richmond Market
August 1, 2022 | Capital Square
Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of The Trails at Short Pump, a 350-unit apartment community in Richmond, Virginia. The community was acquired on behalf of CS1031 The Trails at Short Pump Apartments, DST. The acquisition of the property brings the total transaction activity of Capital Square to more than $6 billion since the company’s inception in 2013.
“Capital Square continues to own the home court from northern Virginia, through central Virginia (Richmond and Williamsburg) to Tidewater with this latest acquisition in suburban Richmond, Virginia,” said Louis Rogers, founder and chief executive officer of Capital Square. “This is Capital Square’s twenty first acquisition of a Class A or B apartment community in Virginia. The region is experiencing exceptional stability, job production and rent growth.”
Located at 3900 Acadia Lane, the 31.19-acre property offers one-, two- and three-bedroom units averaging 878 square feet. The spacious floorplans include high-end finishes such as modern white cabinets, stainless-steel appliances, subway tile backsplash, hardwood-style floors, new fixtures and granite countertops. Community amenities include a clubhouse, fitness center, recreation center, swimming pool with a sundeck, grilling area, tennis court, package lockers and an expansive dog park.
Residents of The Trails at Short Pump have access to 32 million square feet of retail and office space within a five-mile radius of the property. West Broad Village, a premier mixed-use town center with a variety of retail, dining and entertainment options, sits adjacent to the property. Innsbrook, a six million square foot business park home to several major employers, is less than three miles from the property. Easy access to Interstate 64 connects residents to additional major employment centers in the region.
The property is located in Three Chopt, one of Richmond’s most affluent submarkets, which features average household incomes in excess of $100,000 and an occupancy rate of 95.3%. Projected rent growth for the submarket is 11% for the next 12 months.
“The Trails at Short Pump is ideally located in the midst of one of the most affluent neighborhoods in Richmond and provides residents with easy access to major employment and retail centers,” said Whitson Huffman, chief strategy and investment officer. “The property typifies the value-add, amenity-rich multifamily properties that Capital Square seeks to bring to its investors.”
A new Amazon Robotics Center is currently under construction just 20 minutes from the property. Once completed, the Amazon location will add 1,000 high-paying jobs while working to enhance Richmond’s emerging tech and logistics center. Further south of the property, in Chesterfield County, The LEGO Group is investing more than $1 billion to build a 1.7 million-square-foot plant on 340 acres. The company anticipates hiring 1,760 employees at the facility. Additionally, CoStar announced their intentions to build a $460 million corporate campus, bringing an anticipated 2,000 jobs to the Richmond MSA.
