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MIDLOTHIAN’S SAPPHIRE AT CENTERPOINTE APARTMENTS SOLD IN $48.3 MM DEAL TO CAPITAL SQUARE

National property company, Drucker + Falk, partners with new ownership group to extend multifamily community management

Sapphire at Centerpointe Apartments, a 192 apartment home community offering a long and detailed list of resident amenities and just twenty minutes away from the West End, Short Pump, and downtown areas of Richmond, Virginia, was recently sold by Centerpointe Associates II, L.C., a joint venture with Robinson Development Group, and DF Ventures, a subsidiary of Drucker + Falk (DF), a real estate services and investment firm. Robinson Development Group (RDG), has been a leader in real estate development since 1983.

DF Multifamily, another division of Drucker + Falk, managed the lease-up of the property on behalf of the seller and will retain management responsibilities for the purchaser, Capital Square. Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings and qualified opportunity zone funds, purchased for $48.3 MM.

All aspects of the joint venture between DF Ventures and RDG from development, design, community relations, and branding to the recent sale to Capital Square were tremendously successful. “On behalf of DF Ventures, I would like to extend my most sincere thanks to our partners at Robinson Development Group and to the DF Multifamily team for all their hard work and the incredible results. RDG and DF worked as a team to develop and successfully lease up and sell Sapphire at CenterPointe generating an approximately 40% annual return to investors - a tremendous follow-up to the success enjoyed by the same team in the development of the adjacent Colony at CenterPointe Apartment Community,” said Guy Buck, Chief Financial Officer at Drucker + Falk.

 

ABOUT DRUCKER + FALK

Founded in 1938, Drucker + Falk is a real estate services and investment firm, managing a diverse portfolio of nearly 40,000 apartments and more than 2.5 million square feet of commercial retail, office and industrial space. With roots in third party fee management and operations in 12 states including Virginia, Maryland, North Carolina, South Carolina, Georgia, Florida, Tennessee, Kentucky, Ohio, Indiana, Arkansas and Texas, Drucker + Falk specializes in multifamily management of all asset types, value add renovations, asset repositioning and stabilization of challenging assets, new development consultation and lease up, urban revitalization, mixed use management and due diligence services. To obtain more information visit the website at www.druckerandfalk.com or contact Lisa Brewer Rodriguez, Director, Business Development, lbrewer@druckerandfalk.com, 757-897-2190.