RICHMOND, VA—Capstone Apartment Partners has closed the $8,456,000 sale of a 112-unit apartment portfolio in south Richmond and Hopewell, Virginia. The portfolio is comprised of three properties: Edgewood, Huntwood, and Shady Oaks Apartments.
The transaction was facilitated by Capstone’s Virginia team of Cole Carns, Ron Corrao, and Eric Liebich. The team sold the property on behalf of JD Lewis Construction and procured the new-to-market buyer, Sage Apartment Development, who plans to execute a value-add program to improve the quality of the apartment units at the three communities to keep up with the growing South Richmond submarket.
“This was Sage Apartment Development’s first multi-family acquisition on the East Coast and represents a sizable investment in the market,” said Carns, the lead broker on the sale. “The buyer is excited to acquire 112 units across three properties with the opportunity to improve the tenant experience with investments in interior and exterior upgrades.”
Edgewood, Huntwood, and Shady Oaks Apartments were built in 1970, 1974, and 1975, respectively. The three assets were 98% occupied at the time of closing.