Capital Square Launches $42.95 Million DST for Richmond Apartments
Capital Square has launched CS1031 Colony at Centerpointe Apartments, DST, a Delaware statutory trust offering ownership interests in a 255-unit, Class A- garden-style apartment community in Midlothian, Virginia. The offering seeks to raise $42.95 million in equity from accredited investors.
“The Richmond metropolitan area continues to be one of Capital Square’s highest-growth markets. Adding a 255-unit community in Midlothian deepens Capital Square’s footprint on our home turf, where we already oversee more than 4,200 apartment units,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 14400 Palladium Drive, the 94.1% occupied community offers one-, two-, and three-bedroom apartments averaging 1,149 square feet, with amenities including a saltwater pool, a resident clubhouse, a fitness center and yoga studio, a dog park, and a business center.
The property is near several of the region’s largest employers, including VCU Health, HCA Virginia Health System, Virginia Commonwealth University, Dominion Energy, and Truist. Bon Secours St. Francis Medical Center, approximately one mile away, completed a $108 million expansion in 2024 that added 55 acute-care beds and is building an 87,790-square-foot medical office building; in March 2026, Bon Secours received state approval for 40 additional beds.
Nearby development activity includes Midlothian Depot, a Whole Foods-anchored retail center slated to open in spring 2027; Springline at District 60, a $210 million mixed-use redevelopment; The Lake, a $323 million mixed-use project featuring a surf park; and Cosby Village Square, a 122,560-square-foot Publix-anchored center. Google has also acquired more than 1,500 acres in Chesterfield County as part of a broader $9 billion investment in Virginia.
The Richmond metropolitan area is home to six Fortune 500 companies. CoStar completed a $460 million campus expansion that added 2,000 jobs, and LEGO Group is building a 1.7 million-square-foot facility at Meadowville Technology Park.
“Midlothian is one of the most fundamentally sound submarkets in the Richmond region, and the demographics bear that out,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “Household incomes in the immediate area are well above regional averages, the population has grown steadily in recent years, and rents remain highly affordable relative to both local income levels and the cost of homeownership in the submarket.”
Class A rents in Midlothian have grown more than 22% over the past five years, according to CoStar, which puts average vacancy at 7.2%. No new multifamily projects are under construction within three miles of the property.
The property is adjacent to Sapphire at Centerpointe, a 192-unit community also managed by Capital Square Living. Capital Square oversees 19 multifamily properties totaling more than 4,200 apartment units in the Richmond metropolitan area.
Since its founding in 2012, Capital Square has acquired more than 175 real estate assets on behalf of more than 6,500 investors and completed more than $9.1 billion in transaction volume, according to the company.
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