WASHINGTON, DC - 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 Rivergate, a luxury 402-unit multifamily community in the Washington, D.C. suburb of Woodbridge, Virginia. The community was acquired on behalf of CS1031 Rivergate Apartments, DST.
"I thought it could not get any better than the acquisition of Class A+ 2000 West Creek in 2019 for $103 million for Capital Square's 1031 exchange/DST program, but then we continued to acquire a large portfolio of comparable Class A+ apartment communities and, now, Rivergate Apartments in Woodbridge, Virginia," said Louis Rogers, founder and chief executive officer of Capital Square. "These Class A+ acquisitions perfectly fit the DST acquisition strategy of buying best in class multifamily assets for stable returns and capital appreciation. The acquisition of best-in-class assets demonstrates the maturation of the DST industry."
Located at 13175 Marina Way, along the picturesque Occoquan River in the Potomac River basin, Rivergate is in a scenic area with excellent community amenities that include a resort-style swimming pool and sundeck, a rooftop terrace with cabanas, outdoor sofas and a bar, a courtyard with a firepit, gas grilling stations, a state-of-the-art fitness center, two resident clubrooms, a business center, a paw spa with a self-service wash and grooming suite, a volleyball court, kayak and bicycle storage, a multi-level parking garage, a package concierge, on-site management and maintenance and controlled access.
The Greater Washington, D.C. and Northern Virginia economy has experienced consistent growth and diversification over the past several years, supported by the federal government and largely devoid of highly cyclical industries. The area is home to several international companies, including Amazon, Booz Allen Hamilton, Capital One Entities, Freddie Mac, GEICO, Hilton Worldwide Holdings, Inc., Marriott International and Northrop Grumman.
"Rivergate is ideally located in a thriving economic sector of Northern Virginia that continues to enjoy significant employment growth and will soon welcome Amazon, which will open its second global headquarters nearby in 2023," said Whitson Huffman, chief strategy and investment officer. "The Amazon facility is just 20 miles from Rivergate and is expected to employ 25,000 people. Amazon joins a host of other major international companies that call the region home."
Rivergate is just four miles from both the 183-bed Sentara Northern Virginia Medical Center and a new, $200 million Kaiser Permanente medical center. Together, these employers support approximately 1,500 workers.
Potomac Mills, Virginia's largest enclosed outlet shopping and dining destination with more than 200 storefronts and restaurants, is just five miles from Rivergate. Stonebridge at Potomac Town Center, a 500,000-square-foot open-air lifestyle center, is just six miles from the property. Stonebridge features a Wegmans Food Market, full-service health club, Alamo Drafthouse Cinema, and a splash pad water park for children. Rivergate residents enjoy ready access to both Ronald Reagan Washington National Airport, situated 20 miles northeast of the property, and Dulles International Airport, located 30 miles to the northwest.