Capital Square Launches $42.95 Million DST for Apartment Community Near Richmond, Virginia

RICHMOND, Va.--(BUSINESS WIRE)--Aug 3, 2026--

Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer and manager of housing communities nationwide, today announced the launch of CS1031 Colony at Centerpointe Apartments, DST, a Delaware statutory trust offering ownership interests in a 255-unit, Class A-, garden-style apartment community located in the Richmond suburb of Midlothian, Virginia. The offering seeks to raise $42.95 million in equity from accredited investors seeking quality replacement properties for Section 1031 exchanges, along with others seeking stable cash flow and capital appreciation.

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“Colony at Centerpointe is the type of well-located multifamily asset that 1031 exchange investors are seeking,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “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.”

Located at 14400 Palladium Drive, Colony at Centerpointe Apartments offers one-, two- and three-bedroom apartments averaging 1,149 square feet. High-quality interior finishes include granite countertops, stainless steel appliances, shaker-style cabinetry, brushed nickel hardware, in-unit washers and dryers, private balconies or patios, walk-in closets and nine-foot ceilings. Community amenities include a saltwater swimming pool with sundeck, resident clubhouse with a package delivery center, fitness center and yoga studio, bocce ball court, dog park, business center, bike storage and firepit and grilling areas.

The property is accessible to some of the region’s largest employers, including VCU Health, HCA Virginia Health System, Virginia Commonwealth University, Dominion Energy and Truist. Approximately one mile from the property, Bon Secours St. Francis Medical Center completed a $108 million expansion in 2024, adding 55 acute-care beds that raised the total bed count to 185, and is currently building a three-story, 87,790-square-foot medical office building across from the main hospital building. In March, Bon Secours received state approval to further expand St. Francis with 40 additional acute-care beds.

Notable development projects in the area surrounding Colony at Centerpointe include 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 destination surf park; and Cosby Village Square, a Publix-anchored mixed-use center totaling 122,560 square feet. Google also recently acquired more than 1,500 acres across Chesterfield County as part of its broader $9 billion investment in Virginia.

The Richmond metropolitan area is home to six Fortune 500 companies. Additional investments in the region include CoStar’s newly constructed $460 million campus expansion that added 2,000 jobs and LEGO Group’s construction underway on 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. That combination of demographic strength, deep affordability and meaningful rent growth potential is exactly what we look for when underwriting a long-term multifamily investment.”

Owners of Class A assets in Midlothian have grown rents by more than 22% over the past five years. Vacancy rates average 7.2% according to CoStar, while Colony at Centerpointe is currently 94.1% occupied. The three multifamily projects under construction in the broader area are located several miles away on or near Midlothian Turnpike, with no new multifamily projects underway within three miles of the property.

Chesterfield County is the largest locality in the Richmond MSA and registered the largest nominal population increase of any of Virginia’s 133 jurisdictions from 2020 to 2025, adding 36,753 residents to reach a total population of 401,301. Chesterfield accounted for 42% of all population growth across the Richmond MSA during that period, according to Chesterfield Economic Development, Population & Demographics, 2026. The Chesterfield County Public Schools district is ranked among the top 10 school districts in Virginia, and Colony at Centerpointe’s designated schools reflect that reputation, led by Midlothian High School (Niche grade: A). The school system drives household demand in the submarket and helps support long-term occupancy stability.

The property is adjacent to Sapphire at Centerpointe, a 192-unit community also managed by Capital Square Living. Capital Square oversees 19 multifamily properties with more than 4,200 apartment units combined throughout the Richmond metropolitan area.

Since its founding in 2012, Capital Square has acquired more than 175 real estate assets on behalf of over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code, along with others seeking stable cash flow and capital appreciation.

About Capital Square

Capital Square is a vertically integrated, national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion, development funds and a real estate investment trust (REIT). The company is also an active developer and manager of multifamily communities. Since 2012, Capital Square has completed more than $9.1 billion in transaction volume. Its mixed-use development projects total over 2,700 housing units with an aggregate development value in excess of $1 billion, and Capital Square Living, the firm’s property management division, oversees nearly 14,000 apartments across eight states. Capital Square’s related entities provide a range of services – including due diligence, acquisition, loan sourcing, property/asset management and disposition – for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. The company has been recognized by Inc. 5000 as one of the fastest-growing private companies in the nation for nine consecutive years. Learn more at CapitalSq.com.

Disclosure

Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short-term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to sell any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative and illiquid. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link: https://brokercheck.finra.org/.

Colony at Centerpointe Apartments

NEW YORK (AP) — Charlene Catalano was looking for a ball of green-and-white yarn to crochet this year's winter scarf.

Instead of going to a big-box retail store, she found what she needed at Brooklyn Creative Reuse, along with gently used crochet kits, hooks, labels and other bits. It all cost just $6.

“Nowadays, art is popping off, so things are more expensive,” Catalano said. “It has the perfect amount of what I need.”

The Brooklyn store is one of hundreds of creative reuse centers across the U.S. and beyond which aim to keep art supplies out of landfills. They typically sell donated arts and crafts materials at steep discounts — like thrift stores for crafting.

Art supplies typically come in bulk — like a pack of markers or a ream of construction paper — and outlast the kids' project or at-home craft they're intended for. When thrown away, they degrade in landfills, and certain items can release harmful chemicals and microplastics into the environment.

Reusing art supplies is one small step to avoid that, with some centers saving thousands of pounds of materials from reaching landfills each month.

“Reducing waste is the first benefit. But also, you can be more creative when you're in a large warehouse and looking at things that you could not source yourself,” said Julian Silverman, a materials scientist at New York's Fashion Institute of Technology.

Art is an expensive hobby, so shopping secondhand can keep costs down. At reuse centers, crafters can collect a few ribbons and fabric scraps instead of entire spools or bolts. Brooklyn Creative Reuse prices most supplies at $3 a pound. Some centers also price items individually.

Art supplies also require water and energy to make, pack and ship, so reusing them helps reduce the resources needed for new ones. For example, it takes about 13 gallons (49 liters) of water to make one gallon of paint, Silverman said.

The supplies also tend to have a lot of packaging for their size, Silverman said, such as a marker sold in a plastic package with cardboard backing. More packaging also is needed to encase light-sensitive products like paint.

At Scraplanta Creative Reuse, a network of two reuse centers and a pop-up shop in Atlanta, organizers collect nearly 7,000 pounds (3,175 kilograms) of supplies every month and sell them to teachers, parents, teenagers in sewing circles and college professors.

“We see the value in that half bottle of paint or glue because if it’s still usable, there’s someone who just needs that for their project,” said Jonelle Dawkins, executive director of Scraplanta.

In landfills, synthetic bristles on paintbrushes can take hundreds of years to degrade, while their plastic handles take up to a thousand years, Silverman said. When paints break down, they can release microplastics and heavy metals like cadmium and cobalt.

“Basically, our paint is plastic,” said Zoie Diana, an environmental scientist at Barnard College.

Diana said artists should focus on environmental factors that are within their control, but also not feel guilty about their pursuits. She noted that paint used for art is a smaller source of pollution than what flakes off roads, buildings and boats.

The principles of sustainable art include buying only what you need and donating what you don't instead of throwing it away.

How you clean your paintbrushes can also make a difference. Wipe used brushes with a rag and peel off old paint instead of washing it down the drain. This step prevents microplastics in the paint from being pumped to wastewater treatment facilities, Diana said, where they can sneak through into lakes and rivers.

Artists can also look into drop-off programs that recycle paints.

Creative crafters can further repurpose household materials for art projects. Silverman, the materials scientist, boils down onion skins and beets into colorful inks that he uses for tie-dye projects. He also recommends upcycling old makeup into paints and inks.

“You don't need to spend any money to get walnut shells, for example, and play with those,” said Silverman.

Picking up paint supplies at Brooklyn Creative Reuse inspired artist and teacher Rosina Morelli to fish through her own drawers and cabinets.

“What I’m most happy for is my chance to donate stuff, not buy stuff,” Morelli said, “so that I can give it to other people that are going to be excited and use it, instead of me just throwing it out.”

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP’s climate and environmental coverage receives financial support from multiple private foundations. The AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

Stephanie O'Brien, right, helps shoppers pay for art supplies at the Brooklyn Creative Reuse, Wednesday, July 29, 2026, in Brooklyn borough of New York. (AP Photo/Alyssa Goodman)

Yarn sits on shelves as shoppers debate items for sale at the Brooklyn Creative Reuse, Wednesday, July 29, 2026, in Brooklyn borough of New York. (AP Photo/Alyssa Goodman)

Fabric pieces sit for sale in bins at the Brooklyn Creative Reuse, Wednesday, July 29, 2026, in Brooklyn borough of New York. (AP Photo/Alyssa Goodman)

A shopper looks through art supplies for sale at the Brooklyn Creative Reuse on Wednesday, July 29, 2026, in the Brooklyn borough of New York. (AP Photo/Alyssa Goodman)

Shoppers look through art supplies for sale at the Brooklyn Creative Reuse on Wednesday, July 29, 2026, in the Brooklyn borough of New York. (AP Photo/Alyssa Goodman)