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apital Square closed two apartment acquisitions in eastern Henrico on September 26, snapping up Wellington Place and Lawndale Farms for a combined $35.8 million. Wellington Place, a 200‑unit market‑rate complex at 5480 Bradley Pines Circle, fetched $31 million—$155,000 per door—while the 50‑unit, income‑restricted Lawndale Farms at 5001 Millers Lane sold for $4.8 million, or $96,000 per unit. The properties sit roughly five miles apart in Varina, near the recently finished Taylor Farm Park.
The deals were executed through Capital Square’s REIT, launched in 2021. Sellers received a mix of cash and equity stakes in the trust, according to executive vice president of acquisitions Seth Harris. Wellington Place, built in the early 1990s, comprises about 24 buildings and was last assessed at $20.9 million, with rents starting at $1.53 per square foot. Lawndale Farms, dating back to the 1960s, is entirely income‑restricted and was assessed at $2.4 million.
These transactions represent a shift in Capital Square’s pricing strategy. The firm has previously paid premium prices for multifamily assets, such as the $86 million purchase of Livingston Apartment Flats in 2021 and the record‑setting acquisition of the Flats at West Broad Village the same year. Wellington and Lawndale are also the company’s first forays into eastern Henrico, a region that has seen little new multifamily development and where Harris notes a favorable supply‑demand balance.
Beyond acquisitions, Capital Square is actively developing new projects in Scott’s Addition. A 3‑building, 352‑unit complex at 2929 W Clay St., built on a former paint‑company site, is slated for completion by year‑end. Nearby, the firm plans to demolish the former Dairy Bar diner at 1600 Roseneath Road to construct an eight‑story mixed‑use tower.
Since its inaugural deal in 2023, Capital Square’s REIT now holds eight properties totaling roughly 1,600 units, including the newly acquired Wellington Place, Lawndale Farms, and a recent purchase in Chesapeake.
